Exchange of Information conventions / agreements

The Exchange of Information Conventions/Agreements/Standards are divided into these categories:

  • USA FATCA Intergovernmental Agreement 
  • Multilateral Mutual Administrative Assistance (MAA) Conventions / Agreements
  • Bilateral Tax Information Exchange Agreements (TIEAs)
  • Double Taxation Agreements

 

The USA FATCA Intergovernmental Agreement is an agreement between the governments (tax administrations) of the United States of America and the Republic of South Africa to exchange information automatically under the provisions of the double taxation agreement between these countries. 

The CRS is a standardised automatic exchange model, which builds on the FATCA IGA to maximise efficiency and minimise costs, except that the ambit is now extended to all foreign held accounts and not only those of US citizens.  South Africa is also one of the early adopters of the CRS and is committed to commence exchange of information automatically on a wider front from September 2017, together with over 100 other jurisdictions by 2018.

Multilateral Mutual Administrative Assistance Conventions / Agreements are agreements between the governments (tax administrations) of two or more countries to enable them to exchange tax information on request, spontaneously or automatically, as well as to provide assistance in the collection of taxes.

Bilateral TIEAs are agreements between the governments (tax administrations) of two countries to enable them to exchange tax information upon request.

  

USA FATCA Intergovernmental Agreement

This intergovernmental agreement (IGA) between the USA and the RSA was concluded under the provisions of the double taxation agreement (DTA) that exists between the USA and the RSA since 1997.
 

Useful links: 

 
 
 
Country​ Government Gazette Number ​Date of Entry into Force
 
Status:
This Agreement's date of entry into force is 28 October 2014  
 
Read more... 
All relevant documents on the USA's Foreign Account Tax Compliance Act (FATCA) are available on - http://www.treasury.gov/resource-center/tax-policy/treaties/Pages/FATCA.aspx
 
GG 38466 dd 13/02/2015 
28/10/2014 

Status:

This Arrangement’s date of entry into force is

20 October 2015

​20/10/2015
 

 

Standard for Automatic Exchange of Financial Account Information in Tax Matters

Many jurisdictions that have opted to implement FATCA on a "FATCA IGA", have also shown interest in leveraging the investments made for implementing the FATCA IGA to establish automatic exchange relationships with other jurisdictions, which themselves are introducing similar rules.

Those countries recognise that, through the adoption of a common approach to automatic exchange of information, offshore tax evasion can be tackled most effectively while minimising costs for governments and financial institutions. 

With the strong support of the G20, the OECD, together with G20 countries and in close cooperation with the EU and the other stakeholders, has since developed the Standard for Automatic Exchange of Financial Account Information (the Standard or the CRS).

The first reporting period for financial institutions obliged to keep records, apply with the due diligence requirements, commences on 1 March 2016 and ends on 28 February 2017, followed by a due date for returns of about June 2017 and exchange of the information by South Africa by September 2017.

The Standard consists of the following elements:

  • The Common Reporting Standard (CRS) that contains the due diligence rules for financial institutions to follow to collect and then report the information that underpin the automatic exchange of financial information
  • The Model Competent Authority Agreement (CAA) that links the CRS to the legal basis for exchange, specifying the financial information to be exchanged
  • The Commentaries that illustrate and interpret the CAA and the CRS
  • The Guidance on Technical Solutions to be used for exchanging the information, including an XML schema and standards in relation to data safeguards and confidentiality, transmission and encryption

In order to implement the standard on a consistent and efficient basis, the draft Tax Administration Laws Amendment Bill, 2015, proposes amendments to ensure that certain financial institutions must report on all account holders and controlling persons, irrespective of whether South Africa has an international tax agreement with their jurisdiction of residence or whether the jurisdiction is currently a CRS participating jurisdiction (ref. page 15). 

Therefore, South Africa had to take the following steps to implement the Standard and the key conceptual considerations in this process:

  • Translating the reporting and due diligence rules into domestic law
  • Selecting a legal basis for the automatic exchange of information
  • Putting in place the necessary administrative and IT infrastructure
  • Protecting confidentiality and safeguarding data in respect of exchanged information
The primary enabling legislation for the CRS was effected in the Tax Administration Act, 2011, by the Tax Administration Laws Amendment Act, 2015, followed by the publication of the CRS Regulations. South Africa followed the wide approach to the CRS in its domestic legal framework, meaning specified South African financial institutions must report on all foreign account holders and foreign controlling persons of entity account holders, irrespective of whether South Africa has an international tax agreement with their jurisdiction of residence or whether the jurisdiction is currently a CRS participating jurisdiction.
 
The first CRS reporting period for South African financial institutions obliged to keep records, apply with the due diligence requirements, commenced on 1 March 2016 and ended on 28 February 2017, followed by a due date for returns of 31 May 2017 and exchange of the information by South Africa by September 2017.
 
More information on CRS can be found on the OECD's website - Automatic Exchange of Information
 
 

Multilateral MAA Conventions / Agreements

Refer to the Status Summary and the Schedule of Parties to the OECD Multilateral Convention for information on the countries involved.

 

Status Last updated on​ ​
Status Summary of Multilateral Mutual Administrative Assistance Conventions/ Agreements 17 February 2015 

 

 
Countries Government Gazette Number ​Date of Entry into Force

Multilateral Convention on Mutual Administrative Assistance on Tax Matters as amended by the Protocol

​GG 37332 ​1 March 2014

 

 

Shortcuts to OECD website for the Multilateral Convention on Mutual Administrative Assistance on Tax Matters as amended by the Protocol

Links

Jurisdictions participating in the Convention on Mutual Administrative Assistance in Tax Matters status
https://www.oecd.org/tax/exchange-of-tax-information/Status_of_convention.pdf
​Signatories of the Multilateral Competent Authority Agreement on automatic exchange of financial account information and intended first information exchange date status https://www.oecd.org/ctp/exchange-of-tax-information/MCAA-Signatories.pdf
​Signatories of the Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports

http://www.oecd.org/tax/automatic-exchange/about-automatic-exchange/CbC-MCAA-Signatories.pdf

​List of Declarations, Reservations and other Communications http://www.coe.int/en/web/conventions/search-on-treaties/-/conventions/treaty/127/declarations

 

  

Bilateral TIEAs

The bilateral TIEAs have been arranged in alphabetical order per country for ease of reference.
Refer to the Status Summary for information on the countries involved. 

Status Last updated on​ ​


31 July 2017
New!

         

​Country Government Gazette Number ​Date of Entry into Force
​Argentina GG 38208 ​28 November 2014
​Bahamas ​GG 35736 ​25 May 2012
​Belize ​GG 38839 ​23 May 2015
​Barbados ​GG 38475 ​19 January 2015
​Bermuda GG 35048 ​8 February 2012
​​Cayman Islands ​​GG 35043 ​​23 February 2012
​Cook Islands ​GG 38378 ​8 January 2015    
​Costa Rica ​GG 40930 ​8 February 2017
​Gibraltar GG 36649 ​21 July 2013
​Grenada GG 40785 ​10 March 2017
​Guernsey ​GG 35040 ​26 February 2012
​Jersey GG 35042 ​29 February 2012
​Liberia ​GG 37321 ​7 July 2013
​Liechtenstein ​GG 38812 ​23 May 2015
​Monaco ​GG 40930 ​6 December 2014
​Samoa             New! GG 41009 ​28 May 2017
​San Marino ​GG 34936 ​28 January 2012
​St. Kitts and Nevis GG 40610 ​18 February 2017
  

 

Bilateral CRS CAAs

The bilateral CRS CAAs have been arrange in alphabetical order per country for ease of reference.
Refer to the Status Summary for information on the countries involved. 
  
Status Last updated on​ ​
 
 

15 May 2017

         
​Country ​Date of First Exchange
Singapore 30 September 2018
  
 

 

Bilateral CbC CAAs

The bilateral CbC CAAs have been arrange in alphabetical order per country for ease of reference.
Refer to the Status Summary for information on the countries involved. 
  
Status Last updated on​ ​
 

5 June 2017

         
​Country ​Date of First Exchange
United States of America (USA)  Refer to section 3 (Time and Manner of Exchange of Information) of the CbC CAA

 

 

Last Updated: 07/09/2017 10:50 AM     print this page
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