Page 576 - Juta's Indirect Tax
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Non-compliance TAX ADMINISTRATION ACT: REGULATIONS AND NOTICES Non-compliance ‘reporting nancial institution’ means a reporting nancial institution as de ned in the FATCA international tax
agreement.
2. Incidences subject to xed amount penalty
2.1 Failure by a reporting nancial institution to submit a return by the date of this notice or the date for submitting the return under Public Notice 509, whichever is the later;
2.2 Failure to remedy the partial or non-implementation of a due diligence requirement under the FATCA international tax agreement within 60 days of the noti cation by SARS of the partial or non-implementation of the requirement; or
2.3 Failure to remedy a minor error or an incidence of signi cant non-compliance referred to in Article 5 of the FATCA international tax agreement within 60 days of the noti cation by SARS of the minor error or non-compliance.
568 Juta’s IndIrect tax 2016
