Global Daily Tax News, South Africa Adding Investment Income To PIT Returns, (Oct 17, 2023)

The South African Revenue Service has started populating individual income tax returns (ITR12) with data on investment income received from third parties.

SARS said the total investment income amount field (e.g. source code 4201 for local interest) will be locked on the ITR12 and is the sum of the amounts received per institution.

Taxpayers may edit or delete the information for each institution. In addition, taxpayers can add information not prepopulated on the return, including institution name, account number, and amount. Removed amounts will likely result in vetting by SARS, the agency said.

New guidance has been added to IT-AE-36-G05 – Comprehensive Guide to the ITR12 Income Tax Return for Individuals – External Guide.