Corporate Income Tax enhancements
Enhancements and legislative changes were implemented for Corporate Income Tax. It includes updates to the forms and notices for companies, an update on the Understatement penalty (USP), changes to sunset dates for corporate tax incentives and updates to the ITA34C.
SARS has published a guide to assist the representative taxpayer/tax practitioner/public officer in the completion, submission and management of the Company Income Tax Return (ITR14) via eFiling. This document must be read in conjunction with the following External Guide - How to complete the Income Tax Return (ITR14) for Companies.
As part of the modernisation of Corporate Income Tax (CIT), which is aimed at improving efficiency and compliance, SARS has amended the dynamic ITR14 return. These enhancements include minimal legal changes and alignment of the definition of a foreign controlled company with the international OECD standards.
Note the following:
(i) The old IT14 return is no longer accepted. Where you have previously requested and saved an old IT14, the old IT14 will be available for viewing; however, the new ITR14 will be presented for completion;
(ii) If the Representative Taxpayer/Public Officer does not submit the ITR14 by the relevant deadline, the company will face an administrative penalty for non-compliance.
Find a copy of the guide here.
17/09/2021
Contacts