SARS Tax FAQ and Tax Terminology

FATCA – Foreign Account Tax Compliance Act

OECD – Organisation for Economic Cooperation and Development

AEOI Administrative penalties – Automated Exchange Of Information – If you are a Reporting Financial Institution (RFI) and you have missed the deadline of 31 May 2017 to report to SARS the financial information with respect to reportable accounts and declaration under the US Foreign Account Tax Compliance Act (FATCA) and the OECD Common Reporting Standard (CRS), you may be liable for penalties.

PAYE – Pay As You Earn

Is it legal for SARS to raise queries/document demands for returns older than 5 years? Yes, and they do

 

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