From 16 September 2022 SARS will no longer require you to submit the Supplementary Declaration for Companies or Close Corporations (IT14SD) when identified for a verification.

The requirement to submit an IT14SD when a verification case is created will be replaced by a letter requesting specific relevant documents based on the reason for verification.

What does this mean?

• When a company is identified for verification, you will be notified of the verification (the current norm) and will be requested to submit specific relevant documents based on the reason for the verification, or to submit a revised Corporate Income Tax (ITR14 return, by doing a request for correction ).
  • You still have the option of submitting one correction, which may or may not resolve the verification.
  • The revised ITR14 will also be subjected to a risk evaluation.

• To comply, you need to upload the requested documents using eFiling, or any other submission channel, including SARS Online Query system. The uploading of the relevant documents will enable a SARS verifier to action the case. If the relevant documents are deemed insufficient, or additional documents are required, this will be requested from you.

•  You are still required to provide the relevant documents within 21 working days.

• If you still do not comply with the request for relevant documents, SARS will raise a revised assessment to resolve the verification case, 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 as well as a detailed Tax Computation and the underlying supporting documentation/schedules.

If your company has been identified for verification or should you require further information in this regard please do not hesitate to contact us for professional advice in this regard.