Tax Administration Act, 2011 (Act No. 28 of 2011)RegulationsOECD Crypto-Asset Reporting Framework International Standard for the Exchange of tax-related Information between CountriesSection II : Reporting requirements |
| A. | For each relevant Reporting Period or other appropriate period, and subject to the obligations of Reporting Crypto-Asset Service Providers in Section I and the due diligence procedures in Section III, a Reporting Crypto-Asset Service Provider must report the following information with respect to its Crypto-Asset Users that are Reportable Users or that have Controlling Persons that are Reportable Persons: |
| (1) | the name, address, jurisdiction(s) of residence, TIN(s) and date and place of birth (in the case of an individual) of each Reportable User and, in the case of any Entity that, after application of the due diligence procedures, is identified as having one or more Controlling Persons that is a Reportable Person, the name, address, jurisdiction(s) of residence and TIN(s) of the Entity and the name, address, jurisdiction(s) of residence, TIN(s) and date and place of birth of each Reportable Person, as well as the role(s) by virtue of which each Reportable Person is a Controlling Person of the Entity; |
| (2) | the name, address and identifying number (if any) of the Reporting Crypto- Asset Service Provider; |
| (3) | for each type of Relevant Crypto-Asset with respect to which it has effectuated Relevant Transactions during the relevant Reporting Period or other appropriate period: |
| (a) | the full name of the type of Relevant Crypto-Asset; |
| (b) | the aggregate gross amount paid net of transactions fees, the aggregate number of units and the number of Relevant Transactions in respect of acquisitions against Fiat Currency; |
| (c) | the aggregate gross amount received net of transactions fees, the aggregate number of units and the number of Relevant Transactions in respect of disposals against Fiat Currency; |
| (d) | the aggregate fair market value net of transactions fees |
| (e) | the aggregate fair market value net of transactions fees, the aggregate number of units and the number of Relevant Transactions in respect of disposals against other Relevant Crypto-Assets; |
| (f) | the aggregate fair market value net of transactions fees, the aggregate number of units and the number of Reportable Retail Payment Transactions; |
| (g) | the aggregate fair market value net of transactions fees, the aggregate number of units and the number of Relevant Transactions, and subdivided by Transfer type where known by the Reporting Crypto- Asset Service Provider, in respect of Transfers to the Reportable User not covered by subparagraphs A(3)(b) and (d); |
| (h) | the aggregate fair market value net of transactions fees, the aggregate number of units and the number of Relevant Transactions, and subdivided by Transfer type where known by the Reporting Crypto- Asset Service Provider, in respect of Transfers by the Reportable User not covered by subparagraphs A(3)(c), (e) and (f); and |
| (i) | the aggregate fair market value net of transactions fees, as well as the aggregate number of units in respect of Transfers by the Reportable Crypto-Asset User effectuated by the Reporting Crypto-Asset Service Provider to wallet addresses not known by the Reporting Crypto-Asset Service Provider to be associated with a virtual asset service provider or financial institution. |
| B. | Notwithstanding subparagraph A(1), the TIN is not required to be reported if (i) a TIN is not issued by the relevant Reportable Jurisdiction or (ii) the domestic law of the relevant Reportable Jurisdiction does not require the collection of the TIN issued by such Reportable Jurisdiction. |
| C. | Notwithstanding subparagraph A(1), the place of birth is not required to be reported unless the Reporting Crypto-Asset Service Provider is otherwise required to obtain and report it under domestic law. |
| D. | For the purposes of: |
| (1) | subparagraphs A(3)(b) and (c), the amount paid or received must be reported in the Fiat Currency in which it was paid or received, converted to South African Rand. If the amounts were paid or received in multiple Fiat Currencies, the amounts must be reported in South African Rand, converted at the time of each Relevant Transaction in a manner that is consistently applied by the Reporting Crypto-Asset Service Provider; |
| (2) | reporting under subparagraphs A(3)(d) and A(3)(e), the Reporting Crypto- Asset Service Provider must aggregate by summing up all transactions attributable to each reporting category, as converted pursuant to subparagraph D(1); or |
| (3) | subparagraphs A(3)(f), A(3)(g), A(3)(h) and A(3)(i)— |
| (a) | the fair market value must be determined and reported in a single currency, using a reasonable valuation method that looks to contemporaneous evidence of value at the time of each Relevant Transaction in a manner that is consistently applied by the Reporting Crypto-Asset Service Provider; |
| (b) | where the Reporting Crypto-Asset Service Provider has relied upon an alternative valuation method, the Reporting Crypto-Asset Service Provider is required to indicate the method used for each Relevant Crypto-Asset; and |
| (c) | where the Reporting Crypto-Asset Service Provider effectuating the Transfer does not maintain an applicable reference value of the Relevant Crypto-Asset and Fiat Currency trading pairs, the following valuation methods must be relied upon: |
| (i) | In the first place, the internal accounting book values the Reporting Crypto-Asset Service Provider maintains with respect to the Relevant Crypto-Asset must be used; |
| (ii) | If a book value is not available, a value provided by third-party companies or websites that aggregate current prices of Relevant Crypto-Assets must be used, if the valuation method used by that third party is reasonably expected to provide a reliable indicator of value; |
| (iii) | If neither of the above is available, the most recent valuation of the Relevant Crypto-Asset by the Reporting Crypto-Asset Service Provider must be used; and |
| (iv) | If a value can still not be attributed, a reasonable estimate may be applied as a measure of last resort. |
| E. | For the purposes of subparagraphs A(3)(d) through (i), the fair market value must be determined and reported in South African Rand, valued at the time of each Relevant Transaction in a manner that is consistently applied by the Reporting Crypto-Asset Service Provider. |
| F. | The information reported must identify the Fiat Currency in which each amount is reported. |
| G. | Each Reporting Crypto-Asset Service Provider must file with SARS a return required by public notice issued under section 26 of the Tax Administration Act for the relevant Reporting Period, containing the information described in paragraph A for that period as well as other relevant material prescribed by the Commissioner for SARS under section 25 of the Act in the return. |