Page 45 - Profmark BSA Guide 2025
P. 45

STANDARD FOR AUTOMATIC EXCHANGE OF FINANCIAL ACCOUNT
        INFORMATION IN TAX MATTERS


       In recent years, governments and financial institutions have become much more
       aware of the large amounts of undisclosed wealth held in offshore accounts.
       The Standard for Automatic Exchange of Financial Account Information in Tax Matters
       (also referred to as the Common Reporting Standard or CRS) creates a globally
       co-ordinated and consistent approach to the disclosure of financial accounts held
       by account holders. The agreement requires sharing of information between the tax
       authorities regarding accounts and investments.
       SA is one of the early adopters of the CRS and is committed to commence exchange
       of information automatically on a wider front from 2017, together with over one
       hundred other jurisdictions.



        PRIME BANK OVERDRAFT RATES



                     Effective Date    Rate
                      26.05.2023      10.75%

                      30.03.2023      11.25%
                      25.05.2023      11.75%

                      19.09.2024      11.50%
                      21.11.2024      11.25%

                      30.01.2025      11.00%



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