Tax Practitioner Connect Issue 12 (June 2018)

Welcome to the latest edition of Tax Practitioner Connect, the electronic newsletter for tax practitioners that keeps you up to date with the tax matters that affect you. 

Taxpayers are reminded that an Ultimate Parent Company (UPE) or other MNE entity liable to file a CbC Report, master file and local file must do so no later than 12 months after the last day of the Reporting Fiscal year of the MNE Group.  Notifications pertaining to the entity responsible for filing these reports must be provided to SARS by the same date.

On 23 December 2016 regulations specifying the changes to the CbC Reporting Standard for MNE Groups specifically required for South Africa’s circumstances were published. The ultimate parent entity, resident in South Africa, of a multinational group with total consolidated group revenue of R10 billion, or more for the previous financial year must submit the required information on a CbC01 form using the SARS eFiling platform.

Automatic exchange of this information will commence by the end of June 2018 when SARS will implement a system making provision for the transmission of CbC reports to other tax jurisdictions. This is in terms of the Multilateral Competent Authority Agreement (MCAA) and bilateral Competent Authority Agreement, as well as the exchange of transfer pricing documentation on request between the participating authorities.

Last Updated: 01/06/2018 12:30 PM     print this page
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