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13 April 2016

South Africa releases draft regulations on country-by-country reporting

The South African Minister of Finance has released draft regulations on April 11, for comment concerning country-by-country (CbC) reporting obligations for South African taxpayers that form part of a multinational enterprise Group. The draft regulations closely follow the model legislation related to CbC reporting published by the Organisation of Economic Co-operation and Development (OECD) in its Transfer Pricing Documentation and Country-by-Country Reporting, Action 13 - 2015 Final Report on October 5, 2015. The first reporting period is the fiscal year (year of assessment) commencing on or after January 1, 2016, and the first CbC reports will be required to be filed with the South African Revenue Service (SARS) beginning December 31, 2017.

A Tax Alert prepared by Ernst & Young South Africa, and attached below, provides additional details.

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Document ID: 2016-0670

 

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