Page 550 - Juta's Indirect Tax

Keep records TAX ADMINISTRATION ACT: REGULATIONS AND NOTICES Returns submitted
‘AEOI’ means automatic exchange of information;
‘BRS’ means business requirement speci cation;
‘FATCA’ means the US Foreign Account Tax Compliance Act;
‘intergovernmental agreement’ means the intergovernmental agreement between the Republic and the United States
of America to improve international tax compliance and to implement the FATCA; and
‘reporting nancial institution’ means a reporting nancial institution as de ned in the intergovernmental agreement.
2. Persons required to certain keep records, books of account or documents
A reporting nancial institution is required to keep the records, books of account or documents that enable the institution to demonstrate that it has observed the requirements under the intergovernmental agreement as further speci ed in the BRS: FATCA AEOI return.
3. Form of records, books of account or documents
A reporting nancial institution must keep and retain the records, books of account or documents referred to in paragraph 2 above-
(a) in accordance with any due diligence procedure required under the intergovernmental agreement as further speci ed in the BRS: FATCA AEOI return; and
(b) in the form set out in the intergovernmental agreement as further speci ed in the BRS: FATCA AEOI return.
RETURNS TO BE SUBMITTED BY THIRD PARTIES IN TERMS OF SECTION 26 OF THE TAX ADMINISTRATION ACT, 2011 (ACT NO.28 OF 2011)
Promulgated under
GN 509 in GG 37778 of 27 June 2014
In terms of section 26 of the Tax Administration Act, 2011, I, Barry John Stuart Hore, Acting Commissioner for the South African Revenue Service, hereby require that he persons speci ed in the attached Schedule must submit returns by the dates prescribed in the Schedule.
(Signed)
BJS HORE
ACTING COMMISSIONER: SOUTH AFRICAN REVENUE SERVICE
SCHEDULE
1. General
Any term or expression contained in this notice to which a meaning has been assigned in a ‘tax Act’ as de ned in section 1 of the Tax Administration Act, 2011, or the intergovernmental agreement between the Republic and the United States of America to improve international tax compliance and to implement the FATCA, has the meaning so assigned, unless the context indicates otherwise, and the following terms have the following meaning:
‘AEOI’ means automatic exchange of information;
‘BRS’ means business requirement speci cation;
‘FATCA’ means the US Foreign Account Tax Compliance Act;
‘intergovernmental agreement’ means the intergovernmental agreement between the Republic and the United States
of America to improve international tax compliance and to implement the FATCA; and
‘reporting nancial institution’ means a reporting nancial institution as de ned in the intergovernmental agreement.
2. Reporting nancial institution required to submit third party returns
A reporting nancial institution is required to submit a return–
(a)in the form of a data le compiled in accordance with the BRS: FATCA AEOI return;
(b)containing the information referred to in the intergovernmental agreement as further speci ed in the BRS:
FATCA AEOI return; and
(c)in respect of a person who is a Speci ed U.S. Person that is an Account Holder of a U.S. Reportable Account and,
in the case of a Non-U.S. Entity that, after application of the due diligence procedures set forth in Annex I, is identi ed as having one or more Controlling Persons that is a Speci ed U.S. Person.
3. Date for submitting return
The FATCA AEIO return mentioned in paragraph 2, containing all information for the period from–
(a) 01 July 2014 to 28 February 2015, must be submitted by 30 June 2015; and
(b) thereafter annually for every year commencing 1 March and ending February the next year, must be submitted
by 31 May of that year.
4. Alternative arrangements with SARS
SARS may agree that a reporting nancial institution required to submit a FATCA AEOI return in accordance with this Schedule, may submit a return in respect of a different period and upon an alternate date, as the case may be.
542 Juta’s IndIrect tax 2016