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FATCA in Afrikaans? BRS:AEOI? Is this Marmite on Toast you ask?

BRS: AEOImeans Business Requirement Specification: Automatic Exchange of Information

There is so many new tax acronyms, one can’t be blamed for not always knowing  the full phrase behind the tax acronym.

To guide you, we add a few new once, all from an SA perspective yet they are all well-known international acronyms or abbreviations.

Here they are, but it is not an exhaustive list:

  1. AEOI – Automatic Exchange of Information aka AEFAI as per SARS press release on BRS
  2. AEFAI – Automatic Exchange of Financial Account Information
  3. ATO – Australian Tax Office www.ato.gov.au
  4. BRS – Business   Requirement   Specification or Direct Data Flow Channel Guide  aka SARS Modernised 3rd Party Reporting platform, used to report inter alia PAYE, VAT, Investment Income (IT3’s).
  5. CRA – Canadian Revenue Authority – http://www.cra-arc.gc.ca/menu-eng.html
  6. eFile – the South African online tax filing portal www.sarsefiling.co.za
  7. Excon – Exchange Control aka FinSurv- SA monetary laws administered by SARB
  8. FATCA – Foreign Account Tax Compliance Act – FFI and other tax offices dotted over the word reports on you to the IRS. An USA Act see http://www.irs.gov/Businesses/Corporations/Foreign-Account-Tax-Compliance-Act-FATCA
  9. FBAR – Report on Foreign Bank Account reporting – you tell IRS
  10. FFI – foreign (non-USA) financial institutions – FATCA terminology compare with USFI or FI that is USA based
  11. FinSurv – Financial Surveillance, previously known as Control or SARB’s Exchange Control watchdog
  12. HMRC – Her Majesty’s Revenue & Customs – UK tax office http://www.hmrc.gov.uk/
  13. IGA – Model 1 and Model 2 intergovernmental agreements (IGA) or FATCA agreement between IRS and SA on the AEOI process using the BRS designed and implemented in the various IGA jurisdictions
  14. IRD – Inland Revenue – New Zealand aka Maori as Te Tari Taake
  15. IRS – Inland Revenue Services in the USA www.irs.gov
  16. MTP (SA) – Master Tax Practitioner in SA – the Who’s Who in SA tax environment 
  17. PR – Tax practitioner registered with SARS
  18. SARB – South African Reserve Bank, equivalent to the Central Bank in international terms www.resbank.co.za
  19. SARS – South African Revenue Service – www.sars.gov.za
  20. TAA – Tax Administration Act – South African Act dealing with C:SARS rights to administer tax acts
  21. USFI – U.S. financial institutions the internal US hold Co aka as lead FI reporting for all FFI’s in the FI Group

OK, you still lost? Need some more info on all the buzz words and your compliance risk and obligation? Feel free to ask the questions:

Ex-pat Pensioners enjoy Exchange Control Freedom

On our Exchange Control Blog we posted an interesting Exchange Control update (Circular 4 of 2014) refers. See http://wp.me/P4efR1-q

In short:

Ex-pat Pensioners residing abroad (not having formally emigrated) can now extract their monthly pension and retirement annuity income from South Africa (SA) without the need of a tax clearance certificate, despite living abroad as so called temporary non-residents.

TAX ISSUES

UK resident ex-pat pensioners must take note of their NDR status and the tax consequences of remitting SA pension to the UK.

UK, USA, Australia and New Zealand ex pat pensioners may need to avail to treaty benefits to extract their pensions tax free from SA.

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Contact details for Hugo van Zyl

Our contact details

Office 0283122764 or Mobile 082 55 44831

Email  hugovz(at)iafrica.com

 

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