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SARS Announces Temporary Relief From New CFC Reporting Rules

by Lorys Charalambous, Tax-News.com, Cyprus

16 March 2018


The South African Revenue Service has announced that it will temporarily permit taxpayers to report information on controlled foreign corporations (CFCs) under the old filing rules, which were replaced in February.

The obligation to report information on CFCs covers any taxpayer that holds a 10 percent or greater participation right in a CFC. The CFC reporting schedule must be filed alongside income tax returns.

In February, SARS replaced the old reporting schedule, which was required in PDF format, with a new reporting schedule, required in Excel, to get around file upload limitations with the SARS eFiling system. The new schedule enables taxpayers to declare all CFC information for years of assessment 2012 onwards in one consolidated schedule without encountering file upload issues.

SARS has said, to accommodate taxpayers who have already prepared submissions in PDF format, businesses will be allowed to submit the required information under the old CFC reporting schedule with income tax returns until June 1, 2018.

TAGS: South Africa | tax | corporation tax | group taxation | tax authority | controlled foreign corporations (CFC) | transfer pricing | Africa

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