Current Corporate Taxpayer Issues

Overview

Since the IT 14SD was decommissioned in the latter part of 2022, there was a significant increase in Requests For Information (RFIs) and formal SARS audits. Where errors were suspected, additional assessments were raised together with significant penalties.

To avoid costly disputes with SARS and facilitate the inevitable SARS audit, the ITR 14 had to be complete and accurate in all respects. An appropriate tax pack had to be maintained to support the amounts as per the ITR 14, and tax positions were underpinned by appropriate tax opinions.

This webinar series assisted the preparer of an ITR 14 in preparing a robust ITR 14 with supporting schedules that could withstand detailed SARS scrutiny.

Webinar Content

Part 1 - 13 May 2024: Preparing and submitting the ITR 14

• SARS requirements on completing the ITR 14 were as follows:

  • Reviewed the "Guide to Complete the Company Income Tax Return ITR14 via eFiling" issued by SARS.
  • Reviewed the "How to complete the Income Tax Return (ITR 14) for companies" issued by SARS.
  • Managed Tax Risk and ITR 14 submissions.
  • Prepared the tax pack and proposed contents thereof.
  • Provided tax opinions supporting tax positions taken.
  • Reconciled to Annual Financial Statements and evaluated the impact on normal and deferred tax.

Part 2 - 22 May 2024: Special types of taxpayers, pitfalls, and opportunities

• Disclosures for Dormant Companies, Farming Tax, Mining Tax, Short Term Insurance, Controlled Foreign Entities, Multinational Entities, Local File, and Master Files were discussed.
• High-risk areas such as holding companies, shared service centers, fixed assets, trading stock, income recognition, related party transactions, and tax uncertain positions were addressed.
• Time was dedicated to discussing the importance of tax compliance and the need for clients to allocate increased resources to the tax compliance function.

Competencies Developed in this Webinar

After attending this webinar, you were able to:

• Prepare an ITR 14 according to SARS regulations.
• Develop a tax pack that assisted in dealing with SARS requests for Information and Audits.
• Reconcile the ITR 14 to the Annual Financial Statements and disclose prior year adjustments.
• Identify and deal with items that presented high risks from a tax perspective.

Presenter

Johan Heydenrych CA(SA)

Johan has specialised in taxation since 1991. He was a tax partner in KPMG from 1997 to 2020 and is currently a partner in the Kreston SA network specialising in taxation. He provides a wide range of tax services to various clients across industries. These include, but are not limited to, the following:

• Advice on tax risk management and tax governance.
• Tax compliance services including but not limited to ITR14 and IT14SD.
• Dealing with tax disputes including representing clients at alternative dispute resolution (ADR) hearings.
• Submission of documentation and revised returns under the voluntary disclosure programme.
• Issuing of tax technical opinions on income tax, value-added tax (VAT) and PAYE. This includes preparing briefs to senior counsel and submissions of requests for binding opinions from SARS.
• Audit support services including normal tax and deferred tax disclosure and disclosure of uncertain tax positions.
• Assistance with implementation of tax reporting for new accounting standards such as IFRIC 23, IFRS 9, IFRS 15 and IFRS 16.
• Facilitation of tax diagnostic sessions with existing and prospective clients.
• Advice on mergers, acquisitions, and reorganizations.
• Tax due diligences
• Advice on tax implications of recapitalization transactions, debt restructures, liquidations, and de-registrations.

Johan has been a regular presenter for The Tax Faculty over the past five years. In 2020, he presented webinars on tax risk management, Covid-19 relief, ITR14 preparation, dispute resolution, value-added tax and tax and business rescue. He also prepared several practical case studies for the Professional Certificate in Tax Opinion and Dispute Writing course presented by the Tax Faculty.

Education and qualifications

• BCom (Accounting), Cum Laude.
• BCom (Accounting Hons), Cum Laude (Award: Best student in Audit 700).
• Certificate in the Theory of Accounting.
• MCom (Taxation), Cum Laude, (Award: Best MCom [Tax] student).
• Chartered Accountant (specialising in taxation).
• Member of SAICA.
• Registered tax practitioner.

CPD

Attending this webinar and the successful completion of the online assessment will secure a certificate of completion for 4 hours of Tax CPD.

Event Investment

Webinar presented over 2 dates - 13 May 2024 (part 1) and 22 May 2024 (part 2): 

Free for Tax Technician, Tax Practitioner, Tax Accountant CPD subscribers and Practice Packages. Not a CPD subscriber yet? Click here to register now.

• Regular price: R595.00 (part 1 and 2)
• SAIT member special discounted rate: R475.00 (part 1 and 2)
• Group booking discounts available when you register for a group.

Payments & Cancellations

• All payments must be made by EFT or by credit card, at least 3 working days before commencement of an event.
• Kindly note that should payment not be received 2 days after the event, legal action will be taken
• Proof of payment will be requested at registration, if payment does not reflect on Tax Faculty's bank account.
• Cancellations:
  • Only written notice of cancellation will be recognized.
  • If the cancellation occurs more than 4 working days prior to the event no cancellation fee will be charged.
  • If the cancellation occurs less than 4 working days prior to the event a 100% cancellation fee will apply.
• Delegates who book and fail to attend will be liable for the full event fee.
• Tax Faculty`s liability in the case of an event being cancelled will be limited to a refund or credit of the event fee.
• Please click here for the full terms and conditions.