Global

Details

  • Service: Tax, International Corporate Tax, Global Compliance Management Services
  • Type: Regulatory update
  • Date: 7/23/2014

South Africa - Obligations under FATCA intergovernmental agreement 

July 23:  South Africa in early June 2014 signed an intergovernmental agreement (IGA) with the United States to implement the Foreign Account Tax Compliance Act (FATCA) regime.

Read TaxNewsFlash-Africa (11 June 2014).


South Africa therefore qualified as an IGA jurisdiction, effective 1 July 2014.


The IGA requires South African financial institutions, among other things, to:


  • Identify all clients in line with the client due diligence requirements stipulated in the IGA
  • Report certain specified information on certain clients the South African Revenue Services on an annual basis

Read a July 2014 report prepared by the KPMG member firm in South Africa: Foreign Accounts Tax Compliance Act ("FATCA") in South Africa


The KPMG report provides certain questions or issues for South African financial institutions to consider as they assess their FATCA compliance and FATCA implementation processes.




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