In February 2018, South African Revenue Service (SARS) announced enhancements to the income tax return for companies (ITR14), with an effective date of 26 February 2018.
Changes to the ITR14 Form
- A new IT10 schedule will be made available for completion by companies with Controlled Foreign Companies (CFCs). The new schedule allows companies to disclose all their CFCs, regardless of the number of CFCs.
- Group of companies that prepare consolidated financial statements with subsidiaries must file the complete group structure with their ITR14.
- New questions pertaining to CbC regulations have been added.
- In order to complete the ITR14 on eFiling, the following documents are required including financial statements and/or other substantiating material such as the certificates and documents relating to income and deductions, proof of tax credits claimed, and particulars of assets and liabilities.
- Taxpayers are reminded that supporting documents must be kept for a period of 5 years, as SARS may request the documents if verification is required.
