FAQ: What currency will be used on CbC Reporting?
All amounts in the Country-by-Country Report must use the same currency — the Reporting MNE’s currency. If statutory financial statements are used, all amounts should be converted or translated to the Reporting MNE’s functional currency using the year’s average exchange rate (show this in the Additional Info).
FAQ: Why is the Tax Identification Number (TIN) mandatory on CbC Reporting and what should be done if an entity does not have one?
The TIN is utilised by the tax administration of the Tax Jurisdiction of the Constituent Entity. The TIN is to be mandatorily provided to ensure quality of data as well as the correct use thereof. If the Constituent Entity does not have a TIN; the value ‘NOTIN’ should be entered.
FAQ: What are the defined categories of Local File documents to be uploaded?
According to Annexure II to Chapter V of the Transfer pricing documentation, the following information should be included in the Local File:- Local Entity Controlled Transactions Financial Information
FAQ: What are the defined categories of Master File documents to be uploaded?
According to Annexure I to Chapter V of the Transfer pricing documentation, the following information should be included in the Master File:- Organisational Structure (Organogram) Description of MNE Business or Businesses MNE Intangibles (as defined in Chapter VI of these Guidelines) MNE Intercompany Financial Activities MNE Financial and Tax positions
FAQ: What is the size- limitations pertaining to the uploading of Master File and the Local File returns?
The system will allow the specified user to upload multiple types of information (MNE Structures/Organogram, policies and financials) via e-Filing and the size of the files to be uploaded will be limited to 5 Megabytes (MB) per individual file (e.g. if the user is uploading an organogram of the MNE). Total documents to be uploaded […]
FAQ: What type of documents can be uploaded on e-Filing for Master File and Local File returns?
The following file types may be uploaded: .pdf, .doc, .docx, .xls, .xlsx, .jpg and .gif.
FAQ: Which eFiling profile will be used for submissions of CbC Report returns?
An entity will continue to use its existing profiles when submitting its CBC Report, Master File, and Local File to SARS.
FAQ: How to submit a return?
A return must be submitted electronically by using the SARS e-Filing platform.
FAQ: What are the filing obligations of an entity w.r.t submission of returns for CbC Report, Master File and Local File?
The Reporting Entity (i.e. MNE Group’s UPE that is resident in South Africa or the Constituent Entity filing under Article 2(2) of the CbC Regulations) must file a CbC Report return in South Africa. The CbC Report, Master File and Local File returns are required for Reporting Fiscal Years commencing on or after 1st January […]
FAQ: Should non- resident UPEs of MNE Groups file the notifications under Article 3 of the CbC Regulations?
No, notification would not be required, since the UPE would not be a resident in South Africa.
