Corporate Income Tax (CIT) – Understand the New Form and system changes
SARS has implemented various changes to the Income Tax Return for Companies (ITR14) and Notice of Assessment for Companies (ITA34C) from 23 June 2022.
The following are the highlights of legal amendments that informed the changes to the ITR14 and ITA34C, and to SARS systems and work processes:
- SARS core systems to accommodate the assessed loss calculations in terms of Section 20
- ITR14 to identify paragraph 13(1)(a) and 13(1)(b) deductions for purposes of extending the prescription period on disputes
- Removal of the Solidarity Fund donations (excl. any other donations) container on the ITR14 to align with the new Section 18A requirements
- The Public Benefit Organisations (PBO) number(s) declared on the return when claiming donations will be validated against the SARS’s PBO register for validity
- A Share Register will be added to the ITR14 return which will enable the capturing of the classes of shares, and the details of the holders of shares per class of share
- The “Taxable Distribution(s) from all Trusts(s)” container will be enhanced to enable the taxpayer to declare the details of each distribution received from a Trust
- An update to source code descriptions where applicable.
You can look at the prototype return here.
Need help? Check out the options to access assistance from SARS on their website here.
