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Draft Interpretation Note - Year of Assessment of a Company

12 October 2015   (0 Comments)
Posted by: Author: SARS
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Author: SARS

This draft IN provides guidance on the application of section 66(13C) and the discretionary power vested in the Commissioner to accept financial accounts of a company for a period ending on a day which differs from the last day of the company's financial year.

Under section 66(13C) the Commissioner can accept accounts drawn to a "fixed day" which is within ten days on either side of its financial year. The financial year of a company is its year of assessment which ends on the last day of a calendar month. A "fixed day" could be a fixed day such as the last Friday before the financial year-end or a fixed date such as 5 March of a particular year.

Please click here to view IN (9 October 2015).

Depending on the quality feedback received, SAIT will be making a submission to SARS.  Kindly submit all comments to taxassist@thesait.org.za by no later than 25 November 2015. 


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