Regulations > OECD Standard for Automatic Exchange of Financial Account Information in Tax Matters > Section I : General Reporting Requirements

A.	Subject to paragraphs C through F, each Reporting Financial Institution must report to SARS the following information with respect to each Reportable Account of such Reporting Financial Institution:

(1)

the name, address, jurisdiction(s) of residence, TIN(s) and (in the case of an individual) the date of birth and the place of birth or, if paragraph E of this Section applies, the country of birth, of each Reportable Person that is an Account Holder of the account and, in the case of any Entity that is an Account Holder and that, after application of the due diligence procedures consistent with Sections V, VI and VII, is identified as having one or more Controlling Persons that is a Reportable Person, the name, address, jurisdiction(s) of residence and TIN(s) of the Entity and the name, address, jurisdiction(s) of residence, TIN(s) and date and place of birth or country of birth, as the case may be, of each Reportable Person;

(2)	the account number (or functional equivalent in the absence of an account number);

(3)	the name and identifying number (if any) of the Reporting Financial Institution;

(4)

the account balance or value (including, in the case of a Cash Value Insurance Contract or Annuity Contract, the Cash Value or surrender value) as at the end of the relevant Reporting Period or, if the account was closed during such period, the balance as at one day before the closure of the account;

(5)	in the case of any Custodial Account:

(a)	the total gross amount of interest, the total gross amount of dividends, and the total gross amount of other income generated with respect to the assets held in the account, in each case paid or credited to the account (or with respect to the account) during the Reporting Period; and

(b)	the total gross proceeds from the sale or redemption of Financial Assets paid or credited to the account during the Reporting Period with respect to which the Reporting Financial Institution acted as a custodian, broker, nominee, or otherwise as an agent for the Account Holder;

(6)	in the case of any Depository Account, the total gross amount of interest paid or credited to the account during the Reporting Period; and

(7)

in the case of any account not described in subparagraph A(5) or (6), the total gross amount paid or credited to the Account Holder with respect to the account during the Reporting Period with respect to which the Reporting Financial Institution is the obligor or debtor, including the aggregate amount of any redemption payments made to the Account Holder during the Reporting Period.

B.	The information reported must identify the currency in which each amount is denominated.

Notwithstanding subparagraph A(1), with respect to each Reportable Account that is a Pre-existing Account, the TIN or date of birth is not required to be reported if such TIN or date of birth is not in the records of the Reporting Financial Institution and is not otherwise required to be collected by such Reporting Financial Institution under South African domestic law. However, a Reporting Financial Institution is required to use reasonable efforts to obtain the TIN and date of birth with respect to Pre-existing Accounts by the end of the second Reporting Period following the Reporting Period in which Pre-Existing Accounts were identified as Reportable Accounts.

D.	Notwithstanding subparagraph A(1), the TIN is not required to be reported if (i) a TIN is not issued by the relevant Reportable Jurisdiction, or (ii) the domestic law of the relevant Reportable Jurisdiction does not require the collection of the TIN issued by such Reportable Jurisdiction.

Notwithstanding subparagraph A(1), the place of birth is not required to be reported unless the Reporting Financial Institution is otherwise required to obtain and report it under domestic law and it is available in the electronically searchable data maintained by the Reporting Financial Institution.

F.	Each Reporting Financial Institution must file with SARS a return required by public notice issued under section 26 of the Tax Administration Act for the relevant Reporting Period, containing the information described in paragraph A.

Tax Administration Act, 2011 (Act No. 28 of 2011)

Regulations

Section I : General Reporting Requirements