INTERNATIONAL TAX STANDARD DEFINITION: APPLICABILITY DATE POSTPONED

INTERNATIONAL TAX STANDARD DEFINITION: APPLICABILITY DATE POSTPONED

• 06 March 2023
• Taxation
• SA Legal Academy

There has been a change in the commencement date of a definition of ‘international tax standard’ included in sub-section 257(1) of the Tax Administration Act, 2011, and sub-section XI(B)(7)(a) of the October 2020 regulations. According to a recently gazetted notice from National Treasury, the definition will now apply from 1 March 2024.

This is noting that:

• sub-section XI(B) imposes a ‘requirement to disclose common reporting standard avoidance arrangements and opaque offshore structures’
• sub-section XI(B)(1) deals with the disclosure obligations of intermediaries, and that
• the Organisation for Economic Cooperation & Development’s standard for the automatic exchange of financial account information in tax matters encompasses the common reporting standard.

You are referred to the following documents:

• Government Gazette notice postponing the commencement date
• October 2020 regulations

Published by SA Legal Academy Policy Watch

0 COMMENTS

LEAVE A COMMENT