Page 539 - Juta's Indirect Tax

Reportable
arrangements TAX ADMINISTRATION ACT: REGULATIONS AND NOTICES Taxpayer report
PUBLIC NOTICE LISTING REPORTABLE ARRANGEMENTS FOR PURPOSES OF SECTION 35 (2) OF THE TAX ADMINISTRATION ACT 28 OF 2011
Promulgated under
GN 1108 in GG 36038 of 28 December 2012
In terms of section 35 (2) of the Tax Administration Act, 2011, I, George Ngakane Virgil Magashula, Commissioner for the South African Revenue Service, hereby give notice, in the Schedule attached hereto, of arrangements which have certain characteristics that have been identi ed as being likely to lead to an undue tax bene t.
(Signed)
G N V MAGASHULA
COMMISSIONER FOR THE SOUTH AFRICAN REVENUE SERVICE
SCHEDULE
1. General
1.1 Any word or expression contained in this notice to which a meaning has been assigned in a ‘tax Act’ as de ned in section 1 of the Tax Administration Act, 2011 (Act 28 of 2011) has the meaning so assigned, unless the context indicates otherwise.
1.2 Any word or expression contained in this notice to which a meaning has been assigned in the Tax Administration Act, 2011 (Act No. 28 of 2011) has the meaning so assigned, unless the context indicates otherwise.
2. Reportable arrangements
The following have been identi ed as arrangements which have certain characteristics that may lead to an undue tax bene t:
(a) Any arrangement which would have quali ed as a ‘hybrid equity instrument’ as de ned in section 8E of the Income
Tax Act, 1962 (Act 58 of 1962) if the prescribed period had been 10 years; or
(b) Any arrangement which would have quali ed as a ‘hybrid debt instrument’ as de ned in section 8F of the Income
Tax Act, 1962 (Act 58 of 1962) if the prescribed period in that section had been 10 years, but does not include any instrument listed on an exchange regulated in terms of the Securities Services Act, 2004 (Act 36 of 2004).
FORM AND MANNER OF A REPORT TO A TAXPAYER ON THE STAGE OF COMPLETION OF AN AUDIT IN TERMS OF SECTION 42 (1) OF THE ACT Promulgated under
GN 788 in GG 35733 of 1 October 2012
In terms of section 42 (1) of the Tax Administration Act, 2011, I, George Ngakane Virgil Magashula, Commissioner for the South African Revenue Service, hereby prescribe, in the Schedule attached hereto, the form and manner in which SARS must provide a taxpayer with a report on the stage of completion of an audit.
(Signed)
G N V MAGASHULA
COMMISSIONER FOR THE SOUTH AFRICAN REVENUE SERVICE
SCHEDULE
1 General
1.1 Any word or expression contained in this notice to which a meaning has been assigned in a ‘tax Act’ as de ned in section 1 of the Tax Administration Act, 2011 (Act 28 of 2011) (‘the Act’) has the meaning so assigned, unless the context indicates otherwise.
1.2 In this notice, ‘commencement date’ means the date that the Act comes into operation in terms of section 272(1) of the Act.
2 Due dates for reports
A SARS of cial involved in or responsible for an audit instituted before but not completed by the commencement date or instituted on or after the commencement date, must provide the taxpayer concerned with a report indicating the stage of completion of the audit—
(a) in the case of an audit instituted before the commencement date, within 90 days of the commencement date and within 90 day intervals thereafter; and
(b) in the case of an audit instituted on or after the commencement date, within 90 days of the start of the audit and within 90 day intervals thereafter, until the conclusion of the audit.
Juta’s IndIrect tax 2016 531