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Income Tax Act, 1962 (Act 58 of 1962)

Regulations issued under Section 91A of the Income Tax Act, 1962

Part 6: Records and reporting

16. Reporting by Commissioner of tax debts written-off or compromised

 

 

1) The amount of tax debts written off or compromised during any financial year must be disclosed in the annual financial statements of the South African Revenue Service relating to administered revenue for that year.

 

2) The Commissioner must on an annual basis provide to the Auditor General and to the Minister of Finance a summary of all tax debts which were written off or compromised in whole or in part during the period covered by that summary, which must-
a) be in such format which, subject to section 4(1 )(b) of the Income Tax Act, 1962, does not disclose the identity of the debtor concerned;
b) be submitted at such time as may be agreed between the Commissioner and the Auditor-General or Minister of Finance, as the case may be; and
c) contain details of the number of tax debts written off or compromised, the amount of revenue forgone and the estimated amount of savings in costs of recovery, which must be reflected in respect of main classes of taxpayers or sections of the public.