South Africa: Updated guidance on tax return for companies, beneficial ownership reporting
Guidance on completing the income tax return ITR14 for companies
The South African Revenue Service (SARS) proposed updated guidance on completing the income tax return ITR14 for companies, adding clarity on beneficial ownership reporting.
As a Financial Action Task Force (FATF) member, South Africa aims to improve information accuracy and timeliness regarding beneficial ownership and control. SARS would introduce requirements for filing beneficial interest and ownership registers with the ITR14 submission process, effective from the 2022 tax year.
For more information, contact a KPMG tax professional in South Africa:
Lesley Bosman | lesley.bosman@kpmg.co.za