Penalty for Non-Compliance on Country-by-Country Reporting in Place

South African Revenue Service

Reporting Entities (other than a Surrogate Parent Entity) that fail to submit a return will be subject to a penalty.

The South African Revenue Service (SARS) published the incidence of non-compliance in Government Gazette 41621.

In October 2017, SARS published detail on the return to be submitted in terms of section 25 of the Tax Administration Act.

Reporting Entities (other than a Surrogate Parent Entity) that are residents must submit a return in the form and containing the information specified in the Country-by-Country and Financial Data Reporting external business requirement specification reporting schema.

In December 2017, the deadline to file returns for reporting fiscal years commencing before 1 March 2016 was extended to 28 February 2018.

Meanwhile, national treasury, during a briefing on its Annual Performance Plan 2018-2019 in parliament, indicated that the VAT increase will be discussed within Nedlac structures in the latter part of May 2018.

The independent panel on zero-rated food items will submit a report to the finance minister by 30 June 2018.

Sabinet Cape Town Office