Special Investigating Units and Special Tribunals Act, 1996
R 385
Tax Administration Act, 2011 (Act No. 28 of 2011)RegulationsRegulations 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 MattersSection II : General Due Diligence Requirements |
A.
(1) | A Reporting Financial Institution must establish, maintain and document due diligence procedures that are designed to identify reportable accounts, which procedures must identify the jurisdiction in which an account holder or a controlling person is resident for the purposes of any tax imposed by the law of that jurisdiction and apply the due diligence procedures set out in these Regulations. |
(2) | An account is treated as a Reportable Account beginning as of the date it is identified as such pursuant to the due diligence procedures in Sections II through VII and, unless otherwise provided, information with respect to a Reportable Account must be reported annually in the period following the Reporting Period to which the information relates. |
B. | The balance or value of an account is determined as of the last day of the Reporting Period, unless it is not possible or usual to value a specific type of account at that date in which case the value at the normal valuation date for such account that is nearest to the last day of February in that Reporting Period, must be used. |
C. | Where a balance or value threshold is to be determined as of the last day of the Reporting Period, the relevant balance or value must be determined as of the last day of the reporting period that ends with or within that Reporting Period. |
D. | Reporting Financial Institutions may use service providers to fulfil the reporting and due diligence obligations imposed on such Reporting Financial Institutions, but these obligations remain the responsibility of the Reporting Financial Institutions. |
E. | A Reporting Financial Institution may apply the due diligence procedures for— |
(1) | New Accounts to all Pre-existing Accounts or with respect to any clearly identified group of Pre- existing Accounts, but the rules otherwise applicable to such Pre-existing Accounts continue to apply; and |
(2) | High Value Accounts to all Lower Value Accounts or with respect to any clearly identified group of Lower Value Accounts. |