In 2011, the South African Revenue
Service introduced the Supplementary Declaration to the Income Tax Return
(ITR14) and called this supplementary declaration the IT14SD.
The IT14SD requires corporate
taxpayers to perform a reconciliation of what was declared in their annual tax
return against what was declared in their Pay-As-You-Earn (EMP201) returns, the
VAT declared in their VAT201 returns and their Customs declarations (SAD500)
over their respective financial periods.
From the Customs reconciliation
perspective, Traders are required to match transactional data from various
sources to compare what was declared to Customs from an import and export
perspective against what was purchased from foreign suppliers. An understanding
of the terms of the transactions is required as well as understanding potential
accounting and reporting processes that will inform reasons for variances in
the values contained in the data.
We have extensive experience in
performing the appropriate data analytics to compile the Customs IT14SD
reconciliation.
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