South Africa and US Launched Talks on FATCA Agreement

South Africa and US Launched Talks on FATCA Agreement

South Africa’s National Treasury and Revenue Service have announced that they are opening negotiations with the US to conclude an inter-governmental agreement with respect to the Foreign Account Tax Compliance Act (FATCA).

It is expected that signing the inter-governmental agreement with the US Treasury Department would significantly reduce the compliance costs of South African financial institutions including banks, asset managers, private equity funds, insurers and other participants in the financial sector.

South African National Treasury and Revenue Service are requesting comments and proposals with respect to the negotiation of the inter-government agreement with the US by February 28, 2013

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