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News & Press: Corporate Tax

New Corporate Income Tax Processes and Procedures (IT14SD return)

17 October 2011   (0 Comments)
Posted by: SAIT Technical
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NEW CORPORATE INCOME TAX PROCESSES AND PROCEDURES

Issued by the South African Revenue Service

The South African Revenue Service (SARS) is seeking to enhance tax compliance by Companies and Close Corporations throughthe verification and reconciliation of the various declarations made to SARS.

An aspect of this will be the introduction of theSupplementary Declaration for Companies and Close Corporations (IT14SD), which we intend to launch in the next few weeks.The IT14SD is a structured Adobe form in both PDF and Flex formats and is intended to reconcile your financial informationacross tax types and Customs. The IT14SD consists of the Pay As You Earn (PAYE), Income Tax, Value Added Tax (VAT) andCustoms reconciliation schedules that must be reconciled and submitted by the taxpayer, where applicable.

The IT14SD will be pre-populated with the following fields:

• Income Tax Reference Number

• Year of Assessment

• Case Number.

If you are an eFiler and have been identified for verification, an initial verification letter will be displayed on your eFiling profileand eFiling will automatically make the IT14SD available on your profile.

If you are not an eFiler the IT14SD will be posted to you with the initial verification letter. Taxpayers can request an IT14SD to be re-issued to them via the SARS Contact Centre on0800 00 SARS (7277) or a SARS branch and the IT14SD will be posted to them.

The IT14SD can be submitted through one of the following channels:

• eFiling - If you are a registered eFiler you will be able to log into eFiling, complete and submit the declaration

• SARS branches

• Drop boxes at SARS branches

• By post.SARS encourages corporate taxpayers to complete and submit their IT14SD electronically via eFiling.

The benefits of eFiling include faster processing of returns, the ability to submit supporting documents, track returns and refunds, and request therevision and adjust returns electronically. Please note that while the declaration can be captured at a local SARS branch, thedata for the completion of the IT14SD must be made available by the taxpayer.

Please note that taxpayers who choose to submit a revised Return of Income: Companies and Close Corporations (IT14) mightbe required to submit an IT14SD should the revised return be identified for audit.

Taxpayers who opt to submit the IT14SD willnot be allowed to submit revised IT14.

For further information and support on the completion of the IT14SD visit a SARS branch, or call the SARS Contact Centre on0800 00 SARS (7277).

Sincerely

ISSUED ON BEHALF OF THE COMMISSIONER FOR THE SOUTH AFRICAN REVENUE SERVICE


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