Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standards (CRS)
If you are a US citizen, a US person or a US national or have any US indicators i.e. US address, telephone number or held a green card in the past 12 months you must complete the IRS W forms below in addition to the Nedbank self-certification form.
International and local tax regulations have changed and require the collection and reporting of certain information regarding each client's status. Nedbank needs your assistance to comply with this requirement.
If you do not have foreign tax obligations outside of South Africa (SA), FATCA and CRS will have a minimal impact on you. You will be required in different capacities, individuals, entities and / or controlling person(s), to confirm to Nedbank that you do not have tax obligations, tax liabilities or tax residencies outside SA by completing the applicable self-certification form.
FATCA / CRS aim to combat tax evasion and makes it compulsory for all financial institutions including Nedbank to collect the required information and report this to the South African Revenue Service (SARS).
The information required to be reported to SARS includes (but is not limited to):
•Place of birth
•Physical / residential, postal and care-of addresses
•Whether you are a ‘controlling person’ and if so, what your relationship to a company is
•Whether you hold power of attorney for another clients’ account
•Details of financial accounts e.g. type of account(s) held
•Account balances and details of payments in or out
•Type of income received
•Nature or classification of company and individual tax residencies and tax identification numbers (TIN)
SARS exchanges information they receive with other relevant global tax authorities, who in turn will share with SARS information on SA tax residents who hold financial accounts outside SA. This could result in additional investigations by SARS.
Please contact an independent tax advisor if you have any questions or are uncertain about your tax obligations. You can also obtain more information from the SARS website.
Nedbank will contact clients to ask for updated tax related information and ask you to self-certify your status. If you have any questions you can call us on 010 217 4061 / +27(0)10 217 4061 or email us on FATCACRSQuerySupport@Nedbank.co.za. Please also read our Frequently Asked Questions (FAQ) for more information.
If you do not want to click on the link, type the following address in your browser(without the asterisks): *http://www.sars.gov.za/ClientSegments/Businesses/Mod3rdParty/Pages/Automatic-Exchange-of-Information.aspx*.
Some clients may have to complete a form for more than one status. In other words, some clients will self-certify in their individual capacity, in their capacity as a controlling person e.g. a guardian of a minor’s account or as a controlling person of a legal entity e.g. a trustee of a trust, share holder of a company.
To self-certify, please click on one / both links below, complete the form(s) and submit them to us.
Please note: if you do not self-certify, we are required to issue you with a notification of non-compliance and report this to SARS who may take further action.
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