South Africa releases final reminder and updates CRS draft regulation

On 1 June 2019, the South African Revenue Service (“SARS”) issued a reminder on third party data submission for the period 1 March 2018 – 28 February 2019, for the Foreign Account Tax Compliance Act (“FATCA”) and the Common Reporting Standard (“CRS”). The process closed on 31 May 2019.

If you have yet to submit, your submissions are late, and should be submitted without any further delay as you may be liable for penalties. Submissions in respect of data files and declarations of the various reportable data types as detailed per Table 1 were due (Link).

In addition, on 20 May 2019, SARS released a draft regulation with potential updates on the CRS in South Africa (Link).

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