SARS Tightens Beneficial Ownership Reporting for Companies: Updated ITR14 Guide

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SARS has updated its Income Tax Return for Companies (ITR14) guide to include clearer instructions on disclosing beneficial ownership, in line with South Africa’s international obligations under the Financial Action Task Force (FATF).

📌 What’s New?

Companies are now required to submit detailed Beneficial Interest and Beneficial Ownership registers as part of the ITR14 submission for tax years starting from 2022. This ensures SARS can identify individuals who ultimately own or control the company—even through indirect or complex ownership chains.

💡 Why This Matters

South Africa, as a FATF member, is committed to combating money laundering and corruption. Accurate and timely information on company ownership is key to achieving this.

👤 Who Counts as a Beneficial Owner?

• An individual who ultimately owns or controls the company—not just shareholders or directors.

• This includes persons with significant voting rights, control over appointments, or influence over management—even if indirectly through trusts or holding companies.

🏢 Special Cases

• Listed companies may enter "0" if no one qualifies as a beneficial owner.

• State-owned entities (SOEs) must assess beneficial control based on their founding legislation or governance instruments.

For more details and completion steps are outlined in the updated guide on How to complete the Income Tax Return (ITR14) for Companies.