South Africa Extends Deadline for CbC Reports

The South African Revenue Service (SARS) has decided to extend the deadline for filing the country-by-country reports for corporate clients. The corresponding notifications have already started being sent to the companies that are required to submit respective documents. This decision was adopted based on the need to update the reporting system.

South Africa is updating its country-by-country (CbC) reporting electronic filing system, the service will be updated to version 2.0. The regulator reported the need for additional testing of the software, which will be used to submit documents. The current version of the program will be disabled from December 4, 2020 until January 31, 2021. During this time, the submission of country-by-country reports will not be possible, but the organizations will retain access to the master files.

Thus, the companies are required to file a country-by-country report not by December 31, 2020, but by February 28, 2021. The deadline for filing is March 31, 2021. The companies failing to file their documents on time will be fined by the SARS.

Law & Trust offers its services to the corporate clients working in South Africa. We will tell you who is obliged to file a country-by-country report, what the filing procedure will be under the new rules, and we will help to prepare all the necessary documents.