SARS to share tax info with other countries
The South African Revenue Services (SARS) says by September, it will be sharing tax information with over 50 other countries around the world.
SARS spokesperson Sandile Mamela says this will assist revenue services around the world to ensure everyone pays the right amount of tax.
“The adoption of the Common Reporting Standard (CRS) by South Africa obliges a number of Reporting Financial Institutions to report specific information of clients that are not tax-resident in South Africa to SARS by 31 May 2017. The CRS furthermore sets out what financial account information should be reported to SARS, the different types of accounts and taxpayers that are covered, as well as common due diligence procedures to be followed by financial institutions,” says Mamela
Mamela says individuals who want to ensure their foreign assets and income information is correct and up to date, still have an opportunity to do so.
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“A Special Voluntary Disclosure Programme (SVDP) commenced giving non-compliant taxpayers an opportunity to regularise their unauthorised foreign assets and income by voluntary disclosing this information. Individuals and companies can apply during the window period from 1 October 2016 until 31 August 2017. The SVDP is meant for individuals and companies who have not in the past disclosed tax and exchange control defaults in relation to offshore assets,” says Mamela