Recently, the South African Revenue Service has declared that it will temporarily allow taxpayers to report information on controlled foreign companies (CFCs) under the old filing rules, which were replaced in February
From 1 June 2018 all taxpayers who, together with any connected person, held at least 10% participation rights in any CFC must complete the CFC information in the new IT10B schedule.
In February, SARS replaced the old IT10B Adobe PDF schedule with a simplified MS Excel IT10B schedule. The new schedule enables taxpayers to declare all CFC information for years of assessment 2012 onwards in single consolidated schedule that does not exceed the file upload limitation on the SARS eFiling.
