From 16 September 2022 the South African Revenue Service (“SARS”) will no longer require taxpayers, more specifically, companies or close corporations, to submit the Supplementary Declaration for Companies or Close Corporations (“IT14SD”).
It is important to note that the requirement to submit an IT14SD when a verification request is created, will be replaced by a letter requesting specific relevant documents based on the reason for the verification.
SARS issued a letter in this regard, which can be found here.
The letter issued by SARS highlighted the following:
- The verification of a company always requires the submission of a signed set of Annual Financial Statements, as well as a detailed tax computation and the underlying supporting documentation/schedules.
- If the IT14SD has already been submitted, the verification will be dealt with using the IT14SD.
- If the IT14SD has not been submitted yet, a letter will be issued requesting the submission of specific relevant documents, and the requirement to submit the IT14SD will fall away.
- From the date of the letter, which is 30 August 2022, taxpayers will not be required to submit any outstanding IT14SDs.
- Should a taxpayer receive any further notifications or final demands to submit an IT14SD, such correspondence can be ignored.
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