International and local tax regulations make it compulsory for all financial institutions to collect information about their clients’ tax status.
We are obliged to collect and share information about our clients’ tax residency and status.
International and local tax regulations make it compulsory for all financial institutions to collect information about their clients’ tax status. We are therefore obliged to collect this information and make this available to the South African Revenue Service (SARS), who in turn may share it with other tax authorities. Although you or your company might not have foreign tax obligations or tax residencies outside South Africa, by law we must still record your foreign tax status, whether it is applicable or not.
We will therefore be in contact with those clients for whom we need to clarify this information.
Not all clients are affected, and we will only be in contact if our records indicate that we do not have this information. To make it easy for those who are affected, we will be calling you to ask you a few simple questions. We will go through some security questions for your peace of mind, but you are also most welcome to call us back to check that it is us calling you. Our Service Suite is available 24/7 on this telephone number: 0860 111 263.
What happens if you do not comply?
From 1 September 2021, if you do not complete a Nedbank FATCA and CRS self-certification form, we are required, under new government legislation to restrict your account and report to the South African Revenue Service (SARS) that you are non-complaint, which could result in SARS applying penalties and interest.
Find out more about the obligations we have:
To learn more about this requirement, please click on the following links:
If you are unsure about your tax residency or status, we suggest you consult your accountant or tax practitioner.
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