First publisched by: http://www.bcbadvisory.com/formal-emigration-not-advisable-for-all/
“BRS: AEOI” means 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:
- AEOI – Automatic Exchange of Information aka AEFAI as per SARS press release on BRS
- AEFAI – Automatic Exchange of Financial Account Information
- ATO – Australian Tax Office www.ato.gov.au
- 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).
- CRA – Canadian Revenue Authority – http://www.cra-arc.gc.ca/menu-eng.html
- eFile – the South African online tax filing portal www.sarsefiling.co.za
- Excon – Exchange Control aka FinSurv- SA monetary laws administered by SARB
- 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
- FBAR – Report on Foreign Bank Account reporting – you tell IRS
- FFI – foreign (non-USA) financial institutions – FATCA terminology compare with USFI or FI that is USA based
- FinSurv – Financial Surveillance, previously known as Control or SARB’s Exchange Control watchdog
- HMRC – Her Majesty’s Revenue & Customs – UK tax office http://www.hmrc.gov.uk/
- 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
- IRD – Inland Revenue – New Zealand aka Maori as Te Tari Taake
- IRS – Inland Revenue Services in the USA www.irs.gov
- MTP (SA) – Master Tax Practitioner in SA – the Who’s Who in SA tax environment
- PR – Tax practitioner registered with SARS
- SARB – South African Reserve Bank, equivalent to the Central Bank in international terms www.resbank.co.za
- SARS – South African Revenue Service – www.sars.gov.za
- TAA – Tax Administration Act – South African Act dealing with C:SARS rights to administer tax acts
- 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 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.
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.
Should you need help complete the section below and we will be in contact.
Our contact details
Office 0283122764 or Mobile 082 55 44831
Note the comment on PR status for South African born nationals. Walvis Bay was South Africa for a long while!
Hugo van Zyl
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Tax year-end in South Africa, for smaller companies and all individuals, is on the last day of February 2013.
In terms of the collection process, South African Revenue Services (SARS or the equivalent of IRS and HMRC, the competent taxing authority in SA) expects all provisional taxpayers to be either 80% or 90% correct in the end February provisional tax estimate, compared to the final assessment or IT34.
Draft rules to be promulgated under section 103 of the Tax Administration Act, 2011 (Act No. of 2011), prescribing the procedures to be followed in lodging an objection and appeal against an assessment or a decision subject to objection and appeal referred to in section 104(2), procedures for alternative dispute resolution, the conduct and hearing of appeals, application on notice before a Tax Court and transitional rules
When you take amnesty or use the voluntary disclosure route, do come clean, totally clean. You just can be half dead or half pregnant. Jail is jail as lying is lying.
“According to HM Revenue & Customs, Roderick Smith of Wigan in the UK, said he had only one offshore account while using HMRC’s Offshore Disclosure Facility in 2007 and failed to mention 11 further accounts. HMRC said Smith’s business partner Stephen Howarth also failed to disclose any of his accounts during the campaign.”
My other blog –cross border tax
Having read the very informative article one is left wanting some more facts on the deemed C G T (capital gains tax) on the assets not sold, yet left behind. The one nice thing as that CGT on immovable property is always payable on actual sale only!
No need to bond the immovable property to pay its taxes, but you may need to cash n a few shares or mutual funds!
More information on request