Tax Administration Act, 2011 (Act No. 28 of 2011)

Regulations

OECD Crypto-Asset Reporting Framework International Standard for the Exchange of tax-related Information between Countries

Section I : Obligations of Reporting Crypto-Asset Service Provider
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A.Reporting Crypto-Asset Service Provider is subject to the reporting and due diligence requirements in Sections II and III in South Africa, if it is—

 

(1)an Entity or individual resident for tax purposes in South Africa;

 

(2)an Entity that
(a) is incorporated or organised under the laws of South Africa and
(b) either has legal personality in South Africa or has an obligation to file tax returns or tax information returns to the tax authorities in South Africa with respect to the income of the Entity;

 

(3)an Entity managed from South Africa; or

 

(4)an Entity or individual that has a regular place of business in South Africa.

 

B.A Reporting Crypto-Asset Service Provider is subject to the reporting and due diligence requirements in Sections II and III in South Africa with respect to Relevant Transactions effectuated through a Branch based in South Africa.

 

C.A Reporting Crypto-Asset Service Provider that is an Entity is not required to complete the reporting and due diligence requirements in Sections II and III it is subject to in South Africa pursuant to subparagraphs A(2), (3) or (4), if such requirements are completed by such Reporting Crypto-Asset Service Provider in a Partner Jurisdiction.

 

D.A Reporting Crypto-Asset Service Provider that is an Entity is not required to complete the reporting and due diligence requirements in Sections II and III it is subject to in South Africa pursuant to subparagraphs A(3) or (4), if such requirements are completed by such Reporting Crypto-Asset Service Provider in a Partner Jurisdiction by virtue of it being an Entity that (a) is incorporated or organised under the laws of such Partner Jurisdiction and (b) either has legal personality in the Partner Jurisdiction or has an obligation to file tax returns or tax information returns to the tax authorities in the Partner Jurisdiction with respect to the income of the Entity.

 

E.A Reporting Crypto-Asset Service Provider that is an Entity is not required to complete the reporting and due diligence requirements in Sections II and III it is subject to in South Africa pursuant to subparagraph A(4), if such requirements are completed by such Reporting Crypto-Asset Service Provider in a Partner Jurisdiction by virtue of it being managed from such Partner Jurisdiction.

 

F.A Reporting Crypto-Asset Service Provider that is an individual is not required to complete the reporting and due diligence requirements in Sections II and III it is subject to in South Africa pursuant to subparagraph A(4), if such requirements are completed by such Reporting Crypto-Asset Service Provider in a Partner Jurisdiction by virtue of it being resident for tax purposes in such Partner Jurisdiction.

 

G.A Reporting Crypto-Asset Service Provider is not required to complete the reporting and due diligence requirements in Sections II and III in South Africa with respect to Relevant Transactions it effectuates through a Branch in a Partner Jurisdiction, if such requirements are completed by such Branch in such Partner Jurisdiction.

 

H.Reporting Crypto-Asset Service Provider is not required to complete the reporting and due diligence requirements in Sections II and III it is subject to in South Africa pursuant to subparagraphs A(1), (2), (3) or (4), if it has lodged a notification with SARS in a form and manner specified by the Commissioner for SARS confirming that such requirements are completed by such Reporting Crypto-Asset Service Provider under the rules of a Partner Jurisdiction pursuant to a substantially similar nexus that it is subject to in South Africa.