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MONEYWEB LIVESTREAM If you have secret offshore assets, chances are Sars knows about them Common Reporting Standards (CRS) mean information is being exchanged with 87 foreign countries – and the figure is growing. 00:01  Coming clean and volunteering information before Sars conducts an audit is likely to result in a better and more sympathetic outcome. Image: Shutterstock If you have offshore assets that you expected to keep a secret from the South African Revenue Service (Sars), chances are it already knows about them That’s because of an information sharing arrangement known as Common Reporting Standards (CRS) that is already in place in 87 jurisdictions, and that figure is growing.

South africaUnited statesSouth africansPierre cloeteTrevor manuelExchange control amnestyAfrican revenue service sarsInternational wealth prosperityDisclosure programmeNational treasuryOrganisation for economic cooperationSouth african revenue serviceCommon reporting standardsInternational wealthVoluntary disclosure programmeExchange control amnesty bill