Has SARS considered exempting PBOs from the IT3(t) data submission event?

In considering this request, the Inter Departmental Committee on Beneficial Ownership and Transparency (IDC-BOT) indicated that all Trusts that are formed in terms of the requirements of the Trust Property Control Act, and thus meets the criteria (definition) of a Trust, will be subject to the Beneficial Ownership (BO) requirements in this Act. Although SARS is a tier 2 collector of BO information, the mandate of the IDC-BOT to SARS is to collect the BO information as per the Financial Action Task Force (FATF) standards. It is thus not within SARS’ discretion to elect the entities that should submit the BO information but rather to execute the mandate issued by the Cabinet, through the IDC-BOT to ensure South Africa’s removal from the FATF grey list.