30 August 2022
SARS confirmed that from 16 September it will not require taxpayers to submit the Supplementary Declaration for Companies or Close Corporations (IT14SD) when identified for a verification.
The requirement to submit an IT14SD is now replaced by a letter requesting relevant documents for verification.
What does this mean?
If you already submitted an IT14SD (before the implementation of this project), the verification will be dealt with using the IT14SD. When additional documents are requested, you need to provide them.
If the IT14SD has not been submitted yet for current verifications, you will not be required to submit any outstanding IT14SDs. New processes to be followed are as follows:
- When a company is identified for verification, you will be notified and requested to submit specific relevant documents as per current practices.
- You will also have the option to submit a revised Corporate Income Tax (ITR14 return, by doing a request for correction (RFC). Your correction is subject to a risk evaluation, and it may or may not resolve the verification.
- To comply, you need to upload all requested documents using eFiling, or any other submission channel, including SARS Online Query system (SOQS) within 21 working days.
- When the verification is unsuccessful, SARS will raise a revised assessment and will add back the related expenses, dependent on the specific relevant documents requested.
- Note: The verification of a company always requires the submission of a signed set of Annual Financial Statements (AFS), as well as a detailed Tax Computation and the underlying supporting documentation/schedules (e.g., Tax pack).
You can read the SARS notification letter here.