South Africa: Updated CRS regulatory guidance

South Africa: Updated CRS regulatory guidance

The South African Revenue Service (SARS) issued updated common reporting standard (CRS) regulations, effectively replacing regulations of 2 March 2016.

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The new regulations generally will be effective from 1 June 2021; one provision—paragraph B of Section XI on “Requirements to disclose CRS avoidance arrangements and opaque offshore structures”—will be effective 1 March 2023.

The regulatory updates include the following:

  • A new section on CRS Commentaries (Schedule E)
  • A new definition of the terms “United States of America” under reportable accounts and “Day Two Process” regarding the exceptions provided to obtaining and validating a self-certification with respect to new individual accounts or new entity accounts (Section VIII(D(10)) and Section VIII(E(11))
  • A new section related to the suspension and closure of financial account for failure to provide a self-certification (Section X(B))
  • A new Section XI on mandatory disclosure rules and administrative procedures, in order to provide access to information on CRS avoidance arrangements and opaque offshore structures for providing compliance with the CRS and the effective implementation of the anti-avoidance rules (Section XI)


Read an October 2020 report [PDF 75 KB] prepared by the KPMG member firm in South Africa

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