The South Africa Revenue Service announced changes to the income tax return (ITR14) in respect of the 2014 year of assessment, to reflect rules for identifying a real estate investment trust (REIT). The changes are as follows;

  • For the identification of Real Estate Investment Trust (REIT) Companies and disclosure of dividends received by the REIT in the Income Statement.
  • To disclose any foreign tax credits that have been refunded / discharged by a foreign country in terms of the provisions of s6quin. Also, the section of the return disclosing the foreign tax credits in terms of s6quin to be claimed for tax withheld or imposed by a foreign country was updated to verify that the company has adhered to the requirements of s6quin.
  • To disclose the energy efficiency savings deduction in terms of section 12L of the Income Tax Act.
  • To disclose the clogged losses (capital losses in respect of connected persons) as defined in paragraph 39 of the Eighth Schedule.
  • To disclose the limitation of interest deduction in terms of section 23N of the Income Tax Act.