A critical analysis into the Organisation for Economic Co-operation and Development ‘Standard for Automatic Exchange of Financial Account Information in Tax Matters’

Mohanlal, Dhanesh2018-07-032018-07-032017Mohanlal, Dhanesh (2017) A critical analysis into the Organisation for Economic Co-operation and Development ‘Standard for Automatic Exchange of Financial Account Information in Tax Matters’, University of Witwatersrand, Johannesburg, < https://hdl.handle.net/10539/24698>https://hdl.handle.net/10539/24698A research report submitted to the Faculty of Commerce, Law and Management in fulfilment of the requirements for the degree of Master of Commerce specialising in Taxation. Johannesburg, August 2016.The impact of the Organisation for Economic Co-operation and Development’s Standard on Automatic Exchange of Financial Account Information in Tax Matters has a significant impact on Financial Institutions globally. This paper aims to critically evaluate the current South African legislation and the obligations it places on financial institutions. The research also highlights the challenges faced by a financial institutions in interpreting and implementing the often complex requirements of the regulations with a particular focus on the following areas namely customer on-boarding and enhanced due diligence procedures, monitoring of accounts, remediation of the existing customer base, system development, and reporting to the South African Revenue Service. The research also looks into the readiness of developing countries in implementing the Automatic Exchange of Information. The research concludes with a discussion into the appropriateness of South Africa’s decision to agree to be one of the early adopters of this legislation despite the challenges identified above. Key Words: OECD, Standard on Automatic Exchange of Financial Account Information for Tax purposes, Common Reporting Standard, Financial Institutions.Online resource (78 leaves)enOECDCommon Reporting Standard, Financial InstitutionsStandard on Automatic Exchange of Financial Account Information for Tax purposesFinancial InstitutionsUCTDTaxation--OECD countriesTax administration and procedure--South AfricaSDG-8: Decent work and economic growthA critical analysis into the Organisation for Economic Co-operation and Development ‘Standard for Automatic Exchange of Financial Account Information in Tax Matters’DissertationUniversity of the Witswatersrand, Johannesburg