S.Africa: SARS have introduced a new modernised tax return
SARS will soon be introducing a new modernised Income Tax Return for Trusts. The new ITR12T will be an interactive return that will allow you to navigate from different menu items.
This appears to be the answer to SARS proposed extensive proposed amendments to the taxation of trusts. The LSSA Tax and Exchange Control Committee under my chairmanship suggested that the reporting requirements be updated, rather than change the basis of trusts taxation.
Here is the letter from SARS introducing the new proposed return, with more details:
SARS Sept 2014 letter to trusts
Prof Dr. Daniel N. Erasmus Esq. BA (Wits) BProc (UNISA) H Dip Tax Law (Wits) Ph.D law (KwaZulu-Natal), is a practicing international tax attorney, www.TaxRiskManagement.com, and adjunct Professor of International Tax Law at Thomas Jefferson School of Law, San Diego, CA, USA and it’s Africa partner http://www.IITF.net.
He can be contacted at daniel@taxriskmanagement.com
