Differences between FATCA and CRS

 The main differences between FATCA and the CRS regarding which FIs must report are as follows:

Issue
CRS versus FATCA IGA
Reporting nexus
CRS uses residence of the Entity while IGA uses residence or where organised
Investment Entity
Definition differs between CRS and IGA
Non-reporting FIs
IGA includes Exempt Beneficial Owners and Deemed Compliant FFIs and other categories not in the CRS

 

There are some variations in terminology between FATCA and CRS. When the context requires, the following CRS terms should be read interchangeably with FATCA terms:

                                CRS
FATCA
Reporting Financial Institution (RFI)
Reporting South African Financial Institution
Non-Reporting Financial Institution
Non-Reporting South African Financial Institution
Non-Financial Entity (NFE)
Non-Financial Foreign Entity (NFFE)
Reportable Person
Specified US Person
Reportable Account
US Reportable Account

 

For more information:

 

 

Need more help?

Should you need more help, please send an email to 3rd Party Data Support: Bus_Sys_CDSupport@sars.gov.za.

 

 

Last Updated: 31/07/2017 3:51 PM     print this page
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