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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

Section X : Effective Implementation

 

A. The following rules and administrative procedures apply to ensure effective implementation of, and compliance with, the reporting and due diligence procedures set out above.

 

(1) Anti-avoidance
(a) If—
(i) a person enters into any arrangements; and
(ii) the main purpose, or one of the main purposes, of the person in entering into the arrangements is to avoid any obligation under the Common Reporting Standard,

these Regulations are to have effect as if the arrangements had not been entered into.

(b) If a Non-Reporting Financial Institution is no longer a Non-Reporting Financial Institution as it no longer complies with the requirements for a Non-Reporting Financial Institution under Section VIII(B) or Annex II, it becomes a Reportable Financial Institution from the moment that it no longer complies with such requirements.
(c) If an Excluded Account is no longer an Excluded Account as it no longer complies with the requirements for an Excluded Account under Section VIII(C)(17) or Annex II, it becomes a Reportable Account from the moment that it no longer complies with such requirements.
(2) Sanctions for non-compliance in providing information to a Reporting Financial Institution

 

Non-compliance with any obligation under these Regulations includes non-compliance as referred to in section 26(4) of the Act by:

(a) a Reportable Person that is an Account Holder,
(b) if the Reportable Person is an entity, any Controlling Person(s) of that entity; or
(c) any other person;

from whom a Reporting Financial Institution requires information, a document or thing in order in order to obtain and report the information required under Section I and to comply with any other requirement of these Regulations.

 

B. These Regulations have effect from 1 March 2016.