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«COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES 1 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES CONTENTS 1. INTRODUCTION 2. HOW TO ...»

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If thecompany is a not a registered eFiler and is using this guide to prepare the information required for capturing at the nearest SARS branch without printing an example copy of the ITR14, the fields as listed in this section must be used in preparation for capturing. Once all the fields have been prepared, the taxpayer must visit the nearest branch with all the prepared information to have these fields captured by a SARS agent.

Each question in the ITR14 must be carefully reviewed to ensure that all the relevant information is ready for capturing of the ITR14 by a SARS agent at the nearest SARS branch and submitting the necessary relevant material specified in this guide in the branch in order to finalise the assessment.

DORMANT

Is the company dormant?

• Yes” or “No” must be selected. If “Yes” is selected, the company will be classified as a dormant company and Annexure B will not be applicable to the company. The Company Representative / Public Officer must refer to Annexure A if the company is dormant. If “No” is selected, the Company Type and Tax Credits sections on the “Information to create this income tax return” page will display additional questions for customisation of the income tax return.

84 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

COMPANY TYPE

–  –  –

Specify the gross income (sales / turnover plus other income) in respect of the year of assessment?

• Complete the gross income in Rands. The gross income referred to in this question must be calculated as the sum of “Sales / Turnover” declared under “Gross Profit / Loss” and all income items declared under “Income Items” in the Income Statement.

–  –  –

85 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

CAPITAL GAIN / LOSS TRANSACTIONS

Did the company have any local capital gain / loss transactions?

• Yes” or “No” must be selected. If “Yes” is selected, the Schedule of Local Capital Gains and Losses in respect of the disposal of assets section in the income tax return will be displayed for completion.

Did the company have any foreign capital gain / loss transactions?

• Yes” or “No” must be selected. If “Yes” is selected, the Schedule of Foreign Capital Gains and Losses in respect of the disposal of assets section in the income tax return will be displayed for completion.

VOLUNTARY DISCLOSURE PROGRAMME

Does any declaration in this return relate to an application made under the SARS Voluntary Disclosure • Programme?

Yes” or “No” must be selected. If “Yes” is selected, the Voluntary Disclosure Programme section in the income tax return will be displayed for completion.

SMALL BUSINESS CORPORATION

Note: This section of questions will only display if the gross income does not exceed R14 million Is the company a Small Business Corporation as defined in s12E?

• Yes” or “No” must be selected. If “Yes” is selected, the Small Business Corporation section in the income tax return will be displayed for completion.

86 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

TAX CREDITS

Will the company be claiming any PAYE credits reflected on an IRP5 tax certificate?

• Yes” or “No” must be selected. If “Yes” is selected, complete the next question.

–  –  –

Will the company be claiming any Foreign Tax credits not relating to Capital Gain transactions in terms of • s6quat?

Yes” or “No” must be selected. If “Yes” is selected, the Foreign Tax credits: Taxable Foreign Sourced Income of Resident Companies – s6quat (excluding foreign capital gain / loss) section in the income tax return will be displayed for completion.

Will the company be claiming any Foreign Tax credits not relating to Capital Gain transactions in terms of • s6quin?

Yes” or “No” must be selected. If “Yes” is selected, the Foreign Tax credits: Taxable South African Sourced Income – s6quin (already included in taxable income) section in the income tax return will be displayed for completion.

87 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

COMPANY INFORMATION

–  –  –

How many partnerships?

• This field accepts numeric values between 1 and 99. Based on the numeric value entered in this field, the Partnerships section in the income tax return will repeatedly be displayed for completion (e.g. if the numeric value 50 was entered then 50 Partnership sections will display in the return for completion).

Is the company a Personal Service Provider as defined in the Fourth Schedule?

• Yes” or “No” must be selected. If “Yes” is selected, the Personal Service Provider section in the income tax return will be displayed for completion.

Is the company resident in South Africa for income tax purposes?

• Yes” or “No” must be selected. If “No” is selected, the Non-Residency section in the income tax return will be displayed for completion. If “Yes” is selected, complete the next question.





88 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

How many different classes of shares have been issued by the company?

• This field accepts numeric values between 1 and 100. Based on the numeric value entered in this field, the Contributed Tax Capital section in the income tax return will repeatedly be displayed for completion (e.g.

if the numeric value 5 was entered then 5 Contributed Tax Capital sections will display in the return for completion).

For Close Corporations, the definition of a “share” (any unit into which the proprietary interest in the company is divided) according to the Companies Act includes the members’ interests in a close corporation.

Members’ interest therefore must be regarded as a class of share.

The distinction between different types of shares (e.g. ordinary, preference, redeemable etc.) must be declared separately. Furthermore, if the company has only issued one class of ordinary shares (for example) then a general description would be in order. However, if classes A, B and N ordinary shares have been issued then each class of ordinary share must be specified separately i.e. if there are shares with different rights for the different shareholders they must be declared separately.

Did the company qualify for an Urban Development Zone deduction in terms of s13quat?

• Yes” or “No” must be selected. If “Yes” is selected, the Urban Development Zone (s13quat) section in the income tax return will be displayed for completion.

–  –  –

Specify the number of reportable arrangements • This field accepts numeric values between 1 and 100. Based on the numeric value entered in this field, the Reportable Arrangement section in the income tax return will be expanded to display a field for each reportable arrangement number for completion (e.g. if the numeric value 4 was entered then 4 Reportable Arrangement Numbers will display for completion in the Reportable Arrangement section of the return).

–  –  –

Did the company receive / accrue any foreign income or incur any foreign expenditure or pay any royalties, • interest, dividends or consulting fees to a non-resident?

Yes” or “No” must be selected. If “Yes” is selected, the International section in the income tax return will be displayed for completion.

–  –  –

COMPLETION OF RETURN

Once all the questions on the “Information to create this income tax return” page of the ITR14 have been completed,

the return information must be completed as follows:

If the taxpayer is an eFiler, the fields listed in this section must be captured electronically on eFiling;

• If the taxpayer is a not a registered eFiler and obtained an ITR14 example copy from the SARS website, the • fields listed in this section must be completed on the example copy of the return and once all fields have been completed, visit the nearest branch to have these fields captured by a SARS agent;

If the taxpayer is a not a registered eFiler and is using this guide to prepare the information required for •

91 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

capturing at the nearest SARS branch without printing an example copy of the ITR14, the fields as listed in this section must be used in preparation for capturing. Once all the fields have been prepared, the taxpayer must visit the nearest branch with all the prepared information to have these fields captured by a SARS agent.

COMPANY / CLOSE CORPORATION PARTICULARS AND TAX PRACTITIONER

DETAILS

–  –  –

Note:

Complete the date in the format (CCYYMMDD) • The Company Representative / Public Officer’s login will serve as the authentication for the ITR14 submission • on eFiling.

The Public Officer / Representative must sign the signature pad when the ITR14 is submitted at a SARS branch.

• The ITR14 is a legal declaration to SARS and by signing you agree that the reconciled information is accurate.

• You are obliged to ensure that a full and accurate disclosure is made of all relevant information as required • in the ITR14. Misrepresentation, neglect or omission to submit a declaration or supplying false information may result in prosecution.

93 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

VOLUNTARY DISCLOSURE PROGRAMME

This section will only display on the return if the question “Is this declaration or any part thereof made in respect of a VDP agreement with SARS?” in the “Information to create this income tax return” page is “Yes” Please indicate the VDP application no. issued by SARS • Complete the alphanumeric field of 10 blocks. The first three characters must start with “VDP”. No spaces or dashes should be entered when completing the VDP Application No.

INTERNATIONAL

This section will only display on the return if the question “Did the company receive / earn any foreign income or incur any foreign expenditure or pay any royalties, interest, dividends or consulting fees to a non-resident?” in the “Information to create this income tax return” is “Yes”

94 | COMPREHENSIVE GUIDE TO THE ITR14 RETURN FOR COMPANIES

Note:

All foreign dividends are taxable in the hands of South African residents unless one of the exemptions set out • below applies.

Section 10(1)(k)(ii) exempts foreign dividends received by or accruing to a person in any one of the following •

four situations:

ú (aa) To the extent that the profits out of which the dividend has been declared have been taxed in South Africa or arose from dividends declared by a South African company to the company declaring the dividend.

ú (bb) If the dividend is declared by a foreign company which is listed both in South Africa and in a foreign country and more than 10% of the equity share capital is at the time of the declaration collectively held by the residents.

ú (cc) To the extent that the dividend does not exceed the profits that have been taxed in the shareholders hands in terms of s9D.

ú (dd) If the shareholder holds at least 20% of the foreign company’s equity share capital and voting rights.

Section 10(1)(k)(ii) is deleted with effect from the following dates:

ú For natural persons, deceased and insolvent estates, and special trusts – 1 March 2012 ú For other taxpayers (companies, trusts, etc) – 1 April 2012 Section 10B came into effect on the above dates and this section applies to foreign dividends as well as dividends • from headquarter companies. It exempts certain dividends totally from tax and some dividends in part, so that a South African resident either pays no income tax on foreign dividends received (where the 10% participation exemption applies), or tax at a lesser rate. Natural persons, for example will pay tax of 10% or less on a foreign dividend. Companies will pay tax at an effective rate of 10%, and trusts at an effective rate of 14,284%.

Par 64B of the Eight Schedule disregards the capital gain or capital loss made by a South African resident on the • disposal of an interest in the share capital of a foreign company if certain conditions are met. This is called the “participation exemption”. It also applies to the disposal of shares in a headquarter company.

Note: With effect from 1 January 2012 the definition of “foreign company” is removed from par 64B. The result is that the sale in a headquarter company will no longer be exempt in terms of this participation exemption if the sale is made by South African resident taxpayers.

–  –  –

Note: With effect from 1 April 2012 the words “at least 20%” are replaced with “at least 10%”. This means that the participation exemption is accessible to more South African shareholders of foreign companies.

–  –  –

FOREIGN EXCHANGE GAINS / LOSSES

Select “Yes” or “No” for the following question:

Is the foreign exchange gain / loss incurred in respect of an exchange item where the counterparty is a connected • person?

If “Yes” is selected, the following question must be completed with a “Yes” or “No”:

ú If Yes, was the foreign exchange gain / loss realised during this year of assessment?

FOREIGN DIVIDENDS

Select “Yes” or “No” for the following questions:

Did the company receive any foreign dividends?



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