What is Fica | What County

What is Fica

In relation to the South African banks, German depositors in particular are often unsettled when it comes to inquiries about personal identity and tax affiliation. These requests arise more often, since the banks were obliged 2 years ago not only to clarify the identity of their customers, but also to regularly update it.

What is Fica
What is Fica

If there are economic and financial links with the USA, the declarations to be submitted to the American authorities have actually been known for years. But even without such an interweaving, no bank in Germany would dare to renounce its confirmation of a zero notification. And now also South Africa?

Much of what may seem exotic to some non-South Africans is proving to be an internationally accepted practice. So it would be rather strange if these regulations were not also implemented at the Cape.

Like Germany and the European Commission, South Africa, along with 36 other countries, belongs to

(incidentally, as the only country on the continent) of the “Financial Action Task Force” (FATF) and has thus committed itself to implementing its money laundering recommendations into national law.

What is FICA on my paycheck?
Is FICA the same as Social Security tax?
Does everyone pay FICA tax?
What is the purpose of a FICA?

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