21. What information will Nedbank report to the US Internal Revenue Service (IRS) and the relevant tax authority#?

Nedbank is required to report all mandatory information as set out in both the IRS and Organisation of Economic and Cooperative Development (OECD) reporting schemas, either to the IRS or the relevant tax authority in order to comply with the FATCA and CRS legislation.

All accounts held by US entities (US persons*) will be reported to the IRS and all accounts that have tax obligations, tax liabilities or tax residencies outside the country of onboarding will be reported to the relevant tax authority#.

The information is entity-specific and will relate to the accounts held by entities that are defined as US Persons*, or entities that have tax obligations, tax liabilities or tax residencies outside the country of onboarding.

Furthermore, certain entity types that are not US persons* or that do not have tax obligations, tax liabilities or tax residencies outside the country of onboarding, may also be reportable where the entity has controlling persons* that are either defined as US Persons* and/or have tax obligations, tax liabilities or tax residencies outside the country of onboarding.

These entity types that could be reportable due to their controlling persons are:

• Passive non-financial [foreign] entities (passive NFEs)*.
• Trustee documented trusts.
• Investment entities* that are resident in a non-participating jurisdiction and are managed by another financial institution in a participating jurisdiction*.

The following information will be reported:

• The name of the entity*.
• The address of the entity*.
• The entity’s registration number, if applicable.
• A place of incorporation outside the country of onboarding.
• A place of effective management* outside the country of onboarding.
• The entity’s account number.
• Each country of tax residence where the entity has tax obligations in.
• Every taxpayer identification number* (TIN) that the entity has provided, or the reason why the entity does not have a TIN.
• For selected entity classification types, we also would need to report additional information on the controlling persons* that are defined as either a US Person* and/or have tax obligations, tax liabilities or tax residencies outside the country of onboarding.
• The aggregated year-end balance for all the entity’s accounts.
• The gross proceeds on any disposal, income flows, gross withdrawals, or payments from the entity’s stockbroking and/or unit trust accounts.
• All payments made to, and from, the entity’s account, where the entity has been classified as a non-participating [foreign] financial institution* under FATCA.

#When the automatic exchange of information becomes available.

*For any defined terms please see the Table of terms and definitions.