The IT14SD is a new form that is requested by SARS via SARS E-filing as from 2012 tax year for companies or close corporations.
This new form finally reconciles all the tax categories (PAYE, VAT and customs) to income tax and the annual financial statements that were submitted as part of the annual income tax return (IT14).
This form has been brought "to life" via the Tax Administration Act of South Africa (TAA).
Any differences between what is reflected for income tax, PAYE, VAT and customs as per annual financial statements and what has been submitted at SARS per tax category (that is registered at SARS) must so be declared, verified and reasons furnished for the differences.
At Taxrek, quality of service and excellence in our approach to our clients are foremost and is personified by the current methods SARS has implemented via the Tax Administration Act of South Africa (TAA).
Clients that do not adhere to these strict rules will find themselves in deep water as penalties and interest regime has been broadened substantially.