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guidelines

FIC Guidelines

The Financial Intelligence Centre published PCC36 which provides clarity on the obligations of accountable institutions and other persons assisting clients in making use of the 2016 Special Voluntary Disclosure Programme (2016 SVDP) which was announced by the Minister of Finance during the 2016 Budget Speech.

Accountable institutions assisting clients in making use of the 2016 SVDP must comply with the required FIC Act obligations. These obligations include establishing and verifying client’s identities, record keeping and reporting.

“An accountable institution which is approached by a client for assistance in using the 2016 SVDP in the course of an existing business relationship will not be required to repeat the establishment and verification of the client’s identity if that was done at the outset of the relationship.”

“In cases where the accountable institution does not have an existing business relationship, in other words where a new business relationship is formed or where a single transaction is conducted with the view of providing assistance in making use of the 2016 SVDP, the accountable institution will have to take the necessary steps to establish and verify the prospective client’s identity.”

Queries on this and other compliance matters can be logged via the web portal on the FIC’s website CLICK HERE or call 0860 222 200.

National Treasury and SARS Guidelines

In July, the National Treasury and South African Revenue Service (SARS) publish a media release on the revised 2016 Draft Rates and Monetary Amounts and Amendment of Revenue Laws Amendment Bill and 2016 Draft Rates and Monetary Amounts and Amendment of Revenue Laws (Administration) Bill. (You are allowed to breathe deeply after that).

The revised draft bills contain a revised Special Voluntary Disclosure Programme (SVDP) to give an opportunity to non-compliant taxpayers to voluntarily disclose offshore assets and income before the new global standard for automatic exchange of information between tax authorities commences in 2017.

Click here for a copy of the media release which contains details of where to find the relevant information.

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