What’s new?
17 February 2025 – Reportable Arrangement Submissions now available on eFiling
SARS is introducing the option to submit Reportable Arrangements via eFiling, following requests for enhanced security and efficiency. Previously submitted manually via email, these submissions can now be made under the Services section, Additional Services on eFiling.
The submission process remains unchanged, with the RA01 form and supporting documentation still required. Both eFiling and email submissions will run parallel until 31 May 2025, after which email submissions will no longer be accepted.
This move is part of SARS’ ongoing efforts to modernise systems and improve compliance processes, providing taxpayers with a more secure and streamlined way to meet their obligations.
For more information, see the updated Guide to complete the Company Income Tax return (ITR14) on eFiling.
16 September 2024 – The following Corporate Income Tax enhancements were implemented based on legal and form changes:
- Tax treatment of an asset acquired as government grant in kind: If a taxpayer acquires an asset as or with a government grant, wear and tear cannot be claimed on the asset. This also means that even if the taxpayer uses the grant to buy another asset, that something cannot be depreciated either (for tax purposes).
- Credit Agreements and Debtors Allowance: A new field for “Credit agreement and debtors’ allowance (lay-by) (s24)” will be added to the ITR14 return. This is an allowance that can be claimed in the current year, but it needs to be reversed in the following year.
- Additional deduction in respect of learnership agreements: A deduction for learnership agreements can only be allowed if the agreement was entered into before 1 April 2024 and therefore a new validation question will be added to the ITR14 return asking the taxpayer to declare that the agreement was entered into before 1 April 2024.
- Refinements to the Research and Development Tax Incentive: Together with the name change to “Department of Science and Innovation”, a new qualification question will be added to the “Tax Allowances / Limitations” container to allow taxpayers to indicate that their incentive approval was not withdrawn.
- Expenses incurred in the production of interest: In terms of s11G, taxpayers must limit interest expenses to non-trading interest income. An adjustment field will be added to the tax computations for all company types, thereby allowing taxpayers to add back non-allowable interest.
- Enhanced Deduction in respect of certain machinery, plant, implements, utensils and articles used in the production of renewable energy: The ITR14 will be updated to allow taxpayers to claim s12BA allowance. A container will be created for deduction details and qualifying questions. A validation will ensure that the taxpayers claim their 125% deduction.
- Extension of the Urban Development Zone (UDZ) Tax Incentive sunset date: The UDZ tax incentive sunset date is extended by another period of two years from 31 March 2023 to 31 March 2025.
- Request for Reduced Assessment (RRA02): New functionality has been introduced to manage requests for reduced assessments for companies under s93 of the Tax Administration Act (TAA). Taxpayers are required to complete the Request for Reduced Assessment (RRA02) form. A case will then be created to assess whether the taxpayer qualifies for a reduced assessment.
See the updated Corporate Income Tax Return for Corporate Income Tax as an example – ITR14 prototype.
The following guides were updated:
- GEN-GEN-56-G02 – Submit Request for Reduced Assessment RRA02 via eFiling for Company or Trust – External Guide
- IT-GEN-04-G01 – How to complete the Income Tax Return ITR14 for Companies – External Guide
- IT-ELEC-03-G01 – Guide to complete the company Income Tax return ITR14 eFiling – External Guide
Who is it for?
Corporate Income Tax (CIT) is applicable (but not limited) to the following companies which are liable under the Income Tax Act, 1962 for the payment of tax on all income received by or accrued to them within a financial year:
- Public companies (“Ltd”)
- Private companies (”Pty (Ltd)”)
- State owned companies (“SOC”)
- Personal Liability Company (“Inc”)
- Non profit company
- Close Corporations (“CC”)
- Co-operatives
- Collective Investment Schemes
- Small Business Corporation (s12E)
- Body Corporates
- Share Block Companies
- Dormant Companies
- Public Benefit Companies.
What steps must I take?
Register as taxpayer
Every business liable to taxation, under the Income Tax Act, 1962, is required to register with SARS as a taxpayer. You can register once for all different tax types using the client information system.
Top Tip: You must make sure your business details are up to date before you submit your ITR14. So visit our keeping my business details up to date webpage to find out how to do this.
Submit annual tax return
For the year of assessment, the filing requirements are as follows:
- Every company or other juristic person, which is a resident that:-
- derived gross income of more than R1 000
- held assets with a cost of more than R1 000 or had liabilities of more than R1 000 at any time during the 2022 year of assessment
- derived any capital gain or capital loss of more than R1 000 from the disposal of an asset to which the Eight Schedule of the Income Tax Act applies, or
- had taxable income, taxable turnover, an assessed loss or an assessed capital loss must submit a return,
Returns can be submitted electronically via eFiling.
Submit provisional tax returns
In addition to annual returns, every company (excluding Body Corporates, Share Block Companies and Public Benefit Companies) is required to submit provisional tax returns (IRP6). The first of these returns is required to be submitted six months from the start of the year, and the second at year end, and must both contain an estimate of the total taxable income earned or to be earned for the full year. Payment of the tax must accompany the return. A third “top-up” payment may be made six months after year-end.
Top Tip: When submitting your return you will need to give the SIC code for your business. To find out your relevant code please click here.
When should CIT be paid?
- First payment – within six months after the start of the year of assessment
- Second payment – on or before the last day of the year of assessment
- Third payment – six months after the end of the year of assessment (for taxpayers with a February year-end it is seven months after the end of the year, i.e. 30 September annually.
How should CIT be paid?
- Online Banking
- Electronic funds transfer
- Bank payments
- eFiling
- Swift payment method (applicable only to foreign payments).
Related Documents
FTW01 – Declaration of Foreign Tax Withheld – External (Form)
GEN-001 – Mining Schedule – External Form
GEN-ACM-12-F04 – Richemont Claim Form for year 2019 onward – External Form
ICS01 – Schedule for Insurance Companies – External Form
IT-ELEC-03-G01-Guide-to-complete-the-Company-Income-Tax-Return-ITR14-eFiling-External-Guide
IT-GEN-04-G01 – How to complete the Income Tax Return ITR14 for Companies – External Guide
IT10A – Controlled Foreign Company Prior 2012 – External Form
IT10B – Schedule Controlled Foreign Company 2012 Onward – External Form
IT14SD – Example of Supplementary Declaration for Company or CC – External Form
IT77C – Application for registration Company – External form
ITR14L – Income Tax Return for Long Term Insurance Companies – External Form
LAPD-CGT-G07 – Briefing Note on Standard Time Apportionment Calculator
LAPD-ETI-G01 – Guide to the Employment Tax Incentive
LAPD-Gen-G08 – Guide on the Taxation of Professional Sports Clubs and Players
LAPD-IT-G16 – Basic Guide to Income Tax for Public Benefit Organisations
LAPD-IT-G19 – Comprehensive Guide to Dividends Tax
LAPD-IT-G20 – Guide to the Taxation of Special Trusts
LAPD-IT-G24 – Guide on Mutual Agreement Procedures
LAPD-IT-G27 – Tax Exemption Guide for Recreational Clubs
LAPD-STC-G01 – Comprehensive Guide to Secondary Tax on Companies
LAPD-TAdm-G13 – Reportable Arrangement Guide
Legal-Pub-Guide-Gen02 – Guide for Tax Rates Duties Levies
Legal-Pub-Guide-IT12 – Guide to the Urban Development Zone Allowance
Legal-Pub-Guide-IT17 – Basic Guide to Section 18A Approval
Legal-Pub-Guide-IT26 – Tax Exemption Guide for Public Benefit Organisations in South Africa
RA01 – Reporting Reportable Arrangements – External Form
RCH01 – Schedule for Companies Electing to be a Headquarter Company – External Form
VCC001 – Venture Capital Company Application Form – External Form
Frequently Asked Questions
FAQ: Can a company submit an objection using the Notice of Objection (NOO) form?
Yes, on eFiling the company representative can lodge Notice of...
Read MoreFAQ: Can a company submit an appeal using the Notice of Appeal (NOA) form?
Yes, the company representative can file a Notice of Objection...
Read MoreFAQ: Whose contact details information should be disclosed, when completing the share register?
Is it the public officer for SA shareholder entities or...
Read MoreFAQ: Where there are nominee shareholders holding shares on behalf of another shareholder, which shareholder’s information is meant to be disclosed? Should the ITR14 “share register” align to the company’s share register required in terms of the Companies Act, which will have the nominee shareholder and not the ultimate shareholder?
The ITR14 requires disclosure of the holder of the beneficial...
Read MoreFAQ: Should the declaration of the shareholding be at the date of submission of the return, or the shareholding at the end of the year of assessment for which the return is submitted?
The details of the holders of the beneficial interest in...
Read MoreFAQ: There are concerns about personal information and the fact that each shareholder’s income tax number, cell number and email address is required to be disclosed to which a shareholder might object. Has SARS considered any POPI Act implications in this regard?
Yes, SARS has considered the issues raised, and will not...
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