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Call for comment: Proposed draft amendments to the Common Reporting Standards in RSA

09 December 2015   (0 Comments)
Posted by: Author: SARS
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Author: SARS

Legislative amendments to the Tax Administration Act were affected in the Tax Administration Laws Amendment Bill, 2015, in order to implement a scheme under which SARS may require South African financial institutions to collect information under the OECD Standard for Automatic Exchange of Financial Account Information in Tax Matters, which encompasses the Common Reporting Standard (CRS) that was endorsed by G20 Finance Ministers in 2014.

SARS has published regulations pertaining to CRS for public comment; as well as the following notices (30 November 2015): 

If you have an interest in this matter, kindly submit all comments to or by 4 January 2016.   


Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.


The Act requires that a minimum academic and practical requirments be set to register with a controlling body. Click here for the minimum requirements of SAIT.

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