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Tax Administration Act, 2011 (Act No. 28 of 2011)

Chapter 4 : Returns and Records

Part B : Reportable arrangements

37. Disclosure obligation

 

(1) The information referred to in section 38 in respect of a reportable arrangement must be disclosed by a person who—
(a) is a 'participant' in an 'arrangement' on the date on which it qualifies as a 'reportable arrangement, within 45 business days after that date; or
(b) becomes a 'participant' in an 'arrangement' after the date on which it qualifies as a 'reportable arrangement', within 45 business days after becoming a 'participant'.

[Section 37(1) substituted by section 43(1)(a) of Act No. 44 of 2014]

 

(2) [Section 37(2) deleted by section 43(1)(a) of Act No. 44 of 2014]

 

(3) A "participant" need not disclose the information if the "participant" obtains a written statement from any other "participant" that the other "participant" has disclosed the "reportable arrangement".

[Section 37(3) substituted by section 43(1)(a) of the Tax Administration Laws Amendment Act, 2014 (Act No. 44 of 2014)]

 

(4) [Section 37(4) substituted by section 43(1)(b) of Act No. 44 of 2014]

 

(5) SARS may grant extension for disclosure for a further 45 business days, if reasonable grounds exist for the extension.