On August 22, 2016 the South African Revenue Service (SARS) released a Draft Frequently Asked Questions (FAQ) Guide on the Common Reporting Standard (CRS) for comments. Comments on the draft guide have to be submitted by e-mail. Comments have to be submitted before or on September 2, 2016.
The SARS states that pursuant to substantive consultation with affected Financial Institutions, it decided to provide guidance on the CRS Regulations by means of an FAQ Guide populated by interpretive questions raised by the institutions. The SARS adds that first draft of the Guide was distributed during a CRS workshop in February 2016, pursuant to which the institutions were requested to ensure all their questions are included in the draft FAQ Guide and to submit any additional questions.
The draft guide contains 60 questions that are divided over the following categories:
· PREAMBLE
· SECTION I: GENERAL REPORTING REQUIREMENTS
· SECTION II: GENERAL DUE DILIGENCE REQUIREMENTS
· SECTION III: DUE DILLIGENCE FOR PRE-EXISTING INDIVIDUAL ACCOUNTS
· SECTION V: DUE DILLIGENCE FOR PRE-EXISTING ENTITY ACCOUNTS
· SECTION VI: DUE DILLIGENCE FOR NEW ENTITY ACCOUNTS
· SECTION VII: SPECIAL DUE DILLIGENCE RULES
· SECTION VIII: DEFINED TERMS
· SECTION IX: COMPLEMENTARY REPORTING AND DUE DILLIGENCE RULES FOR FINANCIAL ACCOUNT INFORMATION
· SECTION X: EFFECTIVE IMPLEMENTATION
· GENERAL QUESTIONS
Click here to be forwarded to the Draft Common Reporting Standard (CRS) FAQ Guide as released by the SARS on August 22, 2016.
Copyright – internationaltaxplaza.info
and
Stay informed: Subscribe to International Tax Plaza’s Newsletter! It’s completely FREE OF CHARGE!
