The South African Revenue Service (SARS) on 11 April 2016 published draft regulations concerning a country-by-country (CbC) reporting standard for multinational enterprises. South African MNEs with annual group consolidated turnover exceeding ZAR 11.5 billion in the 2015 financial year will be required to prepare the CbC report for financial years starting on or after 1 January 2016.
The reporting deadline is 12 months from the end of the financial reporting year; therefore, the first reporting period for a South African MNE with a 31 December year-end will be 1 January-31 December 2016, with the report due to the SARS by 31 December 2017.
