Acts Online
GT Shield

Tax Administration Act, 2011 (Act No. 28 of 2011)

Regulations

Regulations for purposes of paragraph (a) of the Definition of "International Tax Standard)" in Section (1) of the Tax Administration Act, 2011 (Act No. 28 of 2011), promulgated under section 257 of the Act, Specifying the Changes to the OECD Standard for Automatic Exchange of Financial Account Information in Tax Matters

Annexes

Annex I : Non-Reporting Financial Institutions

 

Section VIII(B)(1)(C)

 

1.        The following Retirement Funds:

(a) A Pension Fund (including an umbrella Pension Fund) as defined in section 1 of the Income Tax Act, 1962;
(b) A Provident Fund (including an umbrella Provident Fund) as defined in section 1 of the Income Tax Act, 1962;
(c) A Pension Preservation Fund as defined in section 1 of the Income Tax Act, 1962;
(d) A Provident Preservation Fund as defined in section 1 of the Income Tax Act, 1962;
(e) A Retirement Annuity Fund as defined in section 1 of the Income Tax Act, 1962;

provided that such fund is not a Non-Reporting Financial Institution under Section VII(B) and—

(i) is approved by the Commissioner for SARS and registered by Financial Services Board as a fund under section 1 of the Income Tax Act, 1962;
(ii) is subject to regulation by the Financial Services Board under the Pension Funds Act, 1956;
(iii) does not have a single beneficiary with a right to more than five per cent of the fund’s assets except where the fund is being wound down in a manner regulated by the Pension Funds Act, 1956, or amalgamated in a manner regulated by the Financial Services Board with another retirement fund that is a Non-Reporting Retirement Fund under this paragraph;
(iv) provides information reporting to SARS as and when required, including obtaining a tax directive from SARS prior to the payment by the fund of a lump sum benefit as defined in section 1 of the Income Tax Act, 1962, to a member or beneficiary of the fund; and
(v) is generally exempt from tax on investment income.