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In February 2014 the South African Revenue Service (SARS) announced that the implementation date of the FATCA Agreement with the USA was 28 October 2014. What does this mean? FATCA is the international agreement imposed by the USA on all signatories (which in effect means any country wishing to remain on cordial financial terms with the USA) under which financial institutions must furnish the US tax authorities with details of the names, addresses, account numbers,…
In February 2014 SARS announced that the implementation date of the FATCA Agreement with the USA was 28 October 2014. What does this mean? FATCA is the international agreement imposed by the USA on all signatories (which in effect means any country wishing to remain on cordial financial terms with the USA) under which financial institutions must furnish the US tax authorities with details of the names, addresses, account numbers, account balances and income of “Specified…