22 May 2018 South Africa amends law to introduce penalty for non-compliance with Country-by-Country Reporting The South African Revenue Service (SARS) released a Public Notice on May 11, extended by Government Gazette No. 41621, to advise multinational entities who are required to file Country-by-Country (CbC) reports in South Africa that non-compliance will result in a fixed amount penalty in accordance with section 210 (1) and 211 of the Tax Administration Act, 2011 (TAA). Amendments are effective as of May 11. The public notice on CbC reporting, dated October 20, 2017, requires the submission of CbC report as well as Master File and Local File documentation, non-compliance with regard to this public notice would now result in a non-compliance fixed penalty. Document ID: 2018-1076 |
