Page 60 - SAIT Compendium 2016 Volume2

Furnishing returns INCOME TAX ACT: REGULATIONS ANd NOTICES Furnishing returns 11. Further information or assistance may be obtained from any of ce of SARS, other than an of ce which deals solely
with matters relating to customs and excise or from the website: www.sars.gov.za
ISSUED BY THE ACTING COMMISIONER FOR THE SOUTH AFRICAN REVENUE SERVICE
NOTICE TO REPORTING INSTITUTIONS TO FURNISH BI-ANNUAL RETURNS OF INVESTMENT AND INTEREST WITH EFFECT FROM THE 2013 YEAR OF ASSESSMENT IN TERMS OF SECTION 69 OF THE INCOME TAX ACT 58 OF 1962
Promulgated in
GN 173 in GG 35090 of 29 February 2012
1. Notice is hereby given in terms of section 69 of the Income Tax Act, 1962 (‘the Act’), that reporting institutions must furnish returns of moneys invested with, loaned to and deposited with the reporting institution and of interest received by or accrued to or in favour of any person from the reporting institution or from any business carried on by the reporting institution in the Republic during the period 1 March 2012 to 28 February 2013.
2. Reporting institutions for purposes of this notice are—
(a) Banks regulated by the Registrar of Banks in terms of the Banks Act, 1990 or the Mutual Banks Act, 1993;
(b) Co-operative Banks regulated by the Co-operative Banks Development Agency in terms of the Co-operative Banks
Act, 2007;
(c) The South African Postbank Limited (Postbank) regulated in terms of the South African Postbank Limited Act,
2010;
(d) Financial institutions regulated by the executive of cer, deputy executive of cer or board, as de ned in the Financial
Services Board Act, 1990, whether in terms of that Act or any other Act;
(e) Companies listed on the JSE, and connected persons in relation to the companies, that issue bonds, debentures or
similar nancial instruments;
(f) State-owned companies, as de ned in section 1 of the Companies Act, 2008, that issue bonds, debentures or similar
nancial instruments; and
(g) Organs of state, as de ned in section 239 of the Constitution of the Republic of South Africa, 1996, that issue bonds
or similar nancial instruments.
3. Unless otherwise agreed in terms of paragraph 4, returns must be furnished by the following dates—
(a) for the period 1 March 2012 to 31 August 2012, 31 October 2012; and (b) for the period 1 March 2012 to 28 February 2013, 31 May 2013.
4. The South African Revenue Service (‘SARS’) and a reporting institution may agree to different periods and dates for the submission of returns in respect of persons with years of assessment that do not end on the last day of February. 5. The following information must be disclosed in the returns, unless SARS and a reporting institution agree otherwise
in writing on good cause shown— 5.1 Natural persons
(a) Surname, rst names, initials and date of birth;
(b) Address details (physical or postal);
(c) Identity number or passport number (including country of issue);
(d) Tax reference number;
(e) Account number;
(f) Date the account was opened and date it was closed;
(g) Closing balance of account at end of return period;
(h) Interest received by, accrued to or in favour of the person from the reporting institution during the period covered by
the return, other than interest on instruments and interest rate agreements that the reporting institution deals in and
which interest the reporting institution does not report as interest for nancial reporting purposes;
(i) Monthly totals of all credits and debits to the account; and
(j) Indicator of account veri cation status in terms of the Financial Intelligence Centre Act, 2001.
5.2 Other persons
(a) Registered name;
(b) Address details (physical or postal);
(c) Reference number issued by the relevant regulatory authority, such as the Companies and Intellectual Property
Registration Of ce (CIPRO), the Companies and Intellectual Property Commission (CIPC) or the Master of the
High Court;
(d) Tax reference number;
(e) Account number;
(f) Date the account was opened and date it was closed;
(g) Closing balance of account at end of return period;
(h) Interest received by, accrued to or in favour of the person from the reporting institution during the period covered by
(i) (j)
the return, other than interest on instruments and interest rate agreements that the reporting institution deals in and which interest the reporting institution does not report as interest for nancial reporting purposes;
Monthly totals of all credits and debits to the account; and
Indicator of account veri cation status in terms of the Financial Intelligence Centre Act, 2001.
6. Returns must be led electronically with SARS.
52 SAIT CompendIum oF TAx LegISLATIon VoLume 2