South Africa Gazettes Notice on Regulations for AEOI Under CARF, CRS

The South African Official Gazette Nov. 28 published Notice No. 6886, on regulations implementing the OECD Crypto-Asset Reporting Framework (CARF), and updating the common reporting standard (CRS) regarding automatic exchanges of information (AEOI). The regulations include measures: 1) aligning South African law with international standards for tax transparency on financial accounts and crypto-assets; 2) imposing due diligence and reporting obligations for new and pre-existing individual and entity accounts, due within 12 months from the effective date of the rules, with stricter requirements for high-value accounts and mandatory self-certification at account opening; 3) introducing anti-avoidance rules, sanctions for noncompliance, and mandatory ...