Exchange of Information Agreements

The Exchange of Information Conventions/Agreements 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
  • Bilateral Common Reporting Standard Competent Authority Agreements (CRS CAAs) / MoUs
  • Bilateral Country-by-Country Competent Authority Agreements (CbC CAAs) / MoUs

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 Standard for Automatic Exchange of Financial Account Information (the Standard or 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 jurisdictions 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 jurisdictions to enable them to exchange tax information upon request.

Bilateral CRS CAAs are bilateral agreements between the Competent Authorities of two jurisdictions to enable them to exchange information under the CRS.

Bilateral CbC CAAs are bilateral agreements between the Competent Authorities of two jurisdictions to enable them to exchange CbC reports.

 

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: 

JurisdictionGovernment Gazette NumberDate 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 jurisdictions 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, commenced on 1 March 2016 and ended 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 jurisdictions involved.

Status Last updated on
Status Summary of Multilateral Mutual Administrative Assistance Conventions/ Agreements 23 September 2022
 
JurisdictionsGovernment Gazette NumberDate of Entry into Force
African Tax Administration Forum (ATAF) Agreement on Mutual Assistance in Tax MattersGG 4695923 September 2017
Multilateral Convention on Mutual Administrative Assistance on Tax Matters as amended by the ProtocolGG 373321 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 statushttps://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 Reportshttp://www.oecd.org/tax/automatic-exchange/about-automatic-exchange/CbC-MCAA-Signatories.pdf
List of Declarations, Reservations and other Communicationshttp://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 jurisdiction for ease of reference.
Refer to the Status Summary for information on the jurisdictions involved.

Status Last updated on
9 November 2018
JurisdictionGovernment Gazette NumberDate of Entry into Force
ArgentinaGG 3820828 November 2014
BahamasGG 3573625 May 2012
BelizeGG 3883923 May 2015
BarbadosGG 3847519 January 2015
BermudaGG 350488 February 2012
Cayman IslandsGG 3504323 February 2012
Cook IslandsGG 383788 January 2015
Costa RicaGG 409308 February 2017
GibraltarGG 3664921 July 2013
DominicaGG 4288717 September 2015
GrenadaGG 4078510 March 2017
GuernseyGG 3504026 February 2012
JerseyGG 3504229 February 2012
LiberiaGG 373217 July 2013
LiechtensteinGG 3881223 May 2015
MonacoGG 409306 December 2014
SamoaGG 4100928 May 2017
San MarinoGG 3493628 January 2012
St. Kitts and NevisGG 4061018 February 2017
Turks and Caicos IslandsGG 4202121 September 2018
UruguayGG 411646 October 2017

Bilateral CRS CAAs / MoUs

The bilateral CRS CAAs / MoUs have been arranged in alphabetical order per jurisdiction for ease of reference.
Refer to the Status Summary for information on the jurisdictions involved.
 
Status Last updated on
 
 
14 December 2018
 
 
JurisdictionDate of First Exchange
Hong Kong30 September 2018
QatarRefer to Section II (Exchange of CRS information for the calendar year 2017) of the Memorandum of Understanding
Singapore30 September 2018
 

Bilateral CbC CAAs / MoUs

The bilateral CbC CAAs / MoUs have been arranged in alphabetical order per jurisdiction for ease of reference.
Refer to the Status Summary for information on the jurisdictions involved.
 
Status Last updated on
 
10 December 2018
 
 
JurisdictionDate of First Exchange
Hong KongRefer to Section II (Exchange of Country-by-Country Reports) of the Memorandum of Understanding for the Fiscal Years 2016 and 2017
Hong KongRefer to Section II (Exchange of Country-by-Country Reports) of the Memorandum of Understanding for the Fiscal Years 2017 and 2018
United States of America (USA)Refer to section 3 (Time and Manner of Exchange of Information) of the CbC CAA
Publications
External Business Requirements Specification: Country-by-Country and Financial Data Reporting v 2.2

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