Page 584 - SAIT Compendium 2016 Volume1

s 31 TAX ADMINISTRATION ACT 28 OF 2011 s 35
30 (1) or in a form authorised under section 30 (2), must at all reasonable times during the required periods under section 29, be open for inspection by a SARS of cial in the Republic for the purpose of—
(a) determining compliance with the requirements of sections 29 and 30; or
(b) an inspection, audit or investigation under Chapter 5.
32 Retention period in case of audit, objection or appeal
Despite section 29 (3), if—
(a) records, books of account or documents are relevant
to an audit or investigation under Chapter 5 which the person subject to the audit or investigation has been noti ed of or is aware of; or
[Para. (a) substituted by s. 44 (a) of Act 21 of 2012 – date of commencement deemed to have been 1 October 2012.]
(b) a person lodges an objection or appeal against an assessment or decision under section 104 (2),
the person must retain the records, books of account or documents relevant to the audit, investigation, objection or appeal until the audit or investigation is concluded or the assessment or the decision becomes nal.
[Words following para. (b) substituted by s. 44 (b) of Act 21 of 2012 – date of commencement deemed to have been 1 October 2012.]
33 Translation
(1) In the case of information that is not in one of the of cial languages of the Republic, a senior SARS of cial may by notice require a person who must furnish the information to SARS, to produce a translation in one of the of cial languages determined by the of cial within a reasonable period.
(2) A translation referred to in subsection (1) must— (a) be produced at a time and at the place speci ed by the
notice; and
(b) if required by SARS, be prepared and certi ed by
a sworn and accredited translator or another person approved by the senior SARS of cial.
Part B
Reportable arrangements (ss. 34–39)
34 De nitions*
In this Part and in section 212, unless the context indicates otherwise, the following terms, if in single quotation marks, have the following meanings:
‘arrangement’ means any transaction, operation, scheme, agreement or understanding (whether enforceable or not);
‘ nancial bene t’ means a reduction in the cost of nance, including interest, nance charges, costs, fees and discounts on a redemption amount;
‘ nancial reporting standards’ means, in the case of a company required to submit nancial statements in terms of the Companies Act, 2008 (Act 71 of 2008), nancial reporting standards prescribed by that Act, or, in any other case, the International Financial Reporting Standards or appropriate nancial reporting standards that provide a
fair presentation of the nancial results and position of the taxpayer;
[De nition of ‘ nancial reporting standards’ substituted by s. 37 of Act 39 of 2013 – date of commencement deemed to have been 1 October 2012.]
‘participant’, in relation to an ‘arrangement’, means— (a) a ‘promoter’;
(b) a person who directly or indirectly will derive or
assumes that the person will derive a ‘tax bene t’ or
‘ nancial bene t’ by virtue of an ‘arrangement’; or (c) any other person who is party to an ‘arrangement’
listed in a public notice referred to in section 35 (2);
[De nition of ‘participant’ substituted by s. 40 (1) (a) of Act 44 of 2014 (date of commencement: 20 January 2015) and by s. 39 of Tax Administration Laws Amendment Act, 2015 – date of commencement: date of promulgation of Tax Administration Laws Amendment Act, 2015.]
‘pre-tax pro t’, in relation to an ‘arrangement’, means the pro t of a ‘participant’ resulting from that ‘arrangement’ before deducting normal tax, which pro t must be determined in accordance with ‘ nancial reporting standards’ after taking into account all costs and expenditure incurred by the ‘participant’ in connection with the ‘arrangement’ and after deducting any foreign tax paid or payable by the ‘participant’ in connection with the ‘arrangement’;
‘promoter’, in relation to an ‘arrangement’, means a person who is principally responsible for organising, designing, selling, nancing or managing the ‘arrangement’;
[De nition of ‘promoter’ substituted by s. 40 (1) (b) of Act 44 of 2014 – date of commencement: 20 January 2015.]
‘reportable arrangement’ means an ‘arrangement’ referred to in section 35 (1) or 35 (2) that is not an excluded ‘arrangement’ referred to in section 36;
[De nition of ‘reportable arrangement’ inserted by
s. 40 (1) (c) of Act 44 of 2014 – date of commencement: 20 January 2015.]
‘tax bene t’ means the avoidance, postponement, reduction or evasion of a liability for tax.
[De nition of ‘tax bene t’ substituted by s. 40 (1) (c) of Act 44 of 2014 – date of commencement: 20 January 2015.]
[S. 34 amended by s. 45 of Act 21 of 2012 – date of commencement deemed to have been 1 October 2012.]
35 Reportable arrangements
(1) An ‘arrangement’ is a ‘reportable arrangement’ if a person is a ‘participant’ in the ‘arrangement’ and the ‘arrangement’—
[Words preceding para. (a) substituted by s. 41 (1) (a) of Act 44 of 2014 – date of commencement: 20 January 2015.]
Prelex
Wording of de nition of ‘participant’ in force until promulgation of Tax Administration Laws Amendment Act, 2015
‘participant’, in relation to an ‘arrangement’, means— (a) a ‘promoter’; or
(b) a person who directly or indirectly will derive or
assumes that the person will derive a ‘tax bene t’ or ‘ nancial bene t’ by virtue of an ‘arrangement’;
* (i) The definitions applying only to a specific section, Part or Chapter of the Act are written in single quotation marks. Where those defined words appear in the text of the Act, they are also written in single quotation marks.
(ii) The definitions applying to the whole Act are, however, written in double quotation marks (in ss. 1, 3, 151, 153, 156 and 158) and quotation marks are not used when those defined words are used in the text of the Act.
576 SAIT CompendIum oF TAx LegISLATIon VoLume 1