The end of IT14SD form - impact on companies and cc's income tax returns

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By Nhlanhla Musa Mdlalose

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The supplementary declaration (IT14SD) was introduced in 2011. It aimed to enhance the tax disclosure, which required the taxpayers selected for verification to submit reconciliation schedules for the income tax, VAT, PAYE, and customs if applicable. 

SARS has decided to discontinue the supplementary declaration (IT14SD), arguing that it didn't achieve the intended purpose. The supplementary declaration (IT14SD) was replaced on 16 September 2022 by a SARS letter requesting relevant material, which is determined using a risk-based approach to the information declared on the income tax return. 

The taxpayers can still resubmit the income tax return if they made an error on the tax return. They can send the requested information and supporting documents per the SARS letter.

The standard request for all taxpayers selected for verification is the signed Annual Financial statements, including a detailed income statement, the detailed tax computation and the supporting tax schedule (tax pack). They also request supporting documents based on the information captured on the income tax return submitted.

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SARS allows 30 days for the response to the letter to be submitted. A further extension can be applied, subject to a maximum of 90 days. Failure to respond and submit the requested information may result in an additional assessment being raised by SARS.

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