The South African Revenue Service will temporarily permit taxpayers to report information on controlled foreign corporations (CFCs) under the old filing rules replaced in February.
SARS replaced the old reporting schedule in February, which was required in PDF format with a new reporting schedule and required in Excel, to get around file upload limitations with the SARS eFiling system. The new schedule enables taxpayers to declare all CFC information for years of assessment 2012 onwards in one consolidated schedule without encountering file upload issues. The CFC reporting schedule must be filed alongside income tax returns.
SARS allowed accommodating taxpayers who have already prepared submissions in PDF format; businesses will be allowed to submit the required information under the old CFC reporting schedule with income tax returns until June 1, 2018.
