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Recent updates to the Company Tax Return (ITR14)

The new share register reporting requirement



The updated ITR14 on eFiling has some new sections, and one that often raises questions is the part about share classes. Although it might seem confusing, it's actually quite simple. SARS is just asking you to tell them more about your shareholders in the company.

When you begin your ITR14, please have the balance sheet, income statement, and also the share register ready. A share register is  is a list of all active and former owners of a company's shares. To complete the capital section of your ITR14, you'll need the following information for each class of shares, which you should find in the share register:

  • Total number of shares issued 
  • Total number shareholders for that specific class of shares 
  • Details of the shareholders which include full name, ID number, contact details, tax reference number, and the number of shares owned.
  • If one of your shareholders is a company, please ensure you know the company's registration number, the nature of the business, registered and trading name of the company, the company's financial year-end, the company's tax reference number and the number of shares they own in your company. 

There are difference classes of share which may be issued.  Examples include: Class A ordinary shares, Class B ordinary shares or preference shares. Having different share classes allows the company to have shareholders with different rights. For example, the founders of a company (i.e. the people setting up the company) may subscribe for voting shares and ensure that all other shareholders subscribe for non-voting shares. If the company has issued more than one class of shares, you will need to provide SARS with the above shareholder details for each class of share issued.

 



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