(Post by TaxConnections Member in South Africa Hugo van Zyl)
There is so many new tax acronyms, one can’t be blamed for not always knowing the full phrase behind the tax acronym.
To guide you, all from a South African perspective yet they are all well-known international acronyms or abbreviations.
- AEOI – Automatic Exchange of Information aka AEFAI as per SARS press release on BRS
- AEFAI – Automatic Exchange of Financial Account Information
- ATO – Australian Tax Office www.ato.gov.au
- BRS – Business Requirement Specification or Direct Data Flow Channel Guide aka SARS Modernised 3rd Party Reporting platform, used to report inter alia PAYE, VAT, Investment Income (IT3’s).
- CRA – Canadian Revenue Authority – http://www.cra-arc.gc.ca/menu-eng.html
- eFile – the South African online tax filing portal www.sarsefiling.co.za
- Excon – Exchange Control aka FinSurv- SA monetary laws administered by SARB
- FATCA – Foreign Account Tax Compliance Act – FFI and other tax offices dotted over the word reports on you to the IRS. An USA Act see http://www.irs.gov/Businesses/Corporations/Foreign-Account-Tax-Compliance-Act-FATCA
- FBAR – Report on Foreign Bank Account reporting – you tell IRS
- FFI – foreign (non-USA) financial institutions – FATCA terminology compare with USFI or FI that is USA based
- FinSurv – Financial Surveillance, previously known as Control or SARB’s Exchange Control watchdog
- HMRC – Her Majesty’s Revenue & Customs – UK tax office http://www.hmrc.gov.uk/
- IGA – Model 1 and Model 2 intergovernmental agreements (IGA) or FATCA agreement between IRS and SA on the AEOI process using the BRS designed and implemented in the various IGA jurisdictions
- IRD – Inland Revenue – New Zealand aka Maori as Te Tari Taake
- IRS – Inland Revenue Services in the USA www.irs.gov
- MTP (SA) – Master Tax Practitioner in SA – the Who’s Who in SA tax environment
- PR – Tax practitioner registered with SARS
- SARB – South African Reserve Bank, equivalent to the Central Bank in international terms www.resbank.co.za
- SARS – South African Revenue Service – www.sars.gov.za
- TAA – Tax Administration Act – South African Act dealing with C:SARS rights to administer tax acts
- USFI – U.S. financial institutions the internal US hold Co aka as lead FI reporting for all FFI’s in the FI Group
Please add more in the comments section below. Let’s see how many tax professionals can come up with around the world.