Nedbank's regulatory reporting requirements: Common Reporting Standard International tax regulations require the collection and reporting of certain information about each account holder's status.
Nedbank (Swaziland) Limited aligns with Nedbank Group Policies regarding the United States' Foreign Account Tax Compliance Act (FATCA), and the Common Reporting Standard (CRS). Both FATCA and CRS affect individuals, entities and financial institutions globally.
CRS is the global standard for the automatic exchange of financial account information and extends to all accounts held by foreigners or non-residents and not only those of US citizens, which is what FATCA deals with.
These regulations aim to combat tax evasion and require financial institution (such as Nedbank) to collect and report certain information required under FATCA and CRS on financial accounts. The Swaziland Revenue Authority and the Central Bank of Swaziland are developing a framework for in country reporting mechanism.
Financial institutions must collect information and report in terms of FATCA requirements on clients (both individuals and entities):
These details include the following:
The above mentioned indicators as well as the following information will be reported upon:
The information will be shared with the US Tax Authorities (Internal Revenue Service) and other relevant global tax authorities, which in turn may share reciprocal information with Swaziland Revenue Authority on tax residents who hold financial accounts outside Swaziland. This could result in additional investigations by Swaziland Revenue Authority.
If you do not have another citizenship or nationality resulting in tax obligations outside Swaziland, FATCA and CRS will have a minimal impact on you, other than that you must provide additional information to financial institutions such as Nedbank.
It is imperative that clients are fully aware of their tax obligations to ensure compliance with these obligations.
It is therefore important to contact your tax advisor if you have any questions or uncertainties about your tax obligations.
Nedbank may contact you in due course to obtain or update the tax-related information we have on record for you.
Penalties and interest can be imposed by Swaziland Revenue Authority on both the financial institution for not reporting the affected clients and on the individual for not providing all the requested information to the financial institution.
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