07 January 2016 South Africa Revenue Service releases Draft Notice on additional recordkeeping for transfer pricing transactions A draft notice (Draft Notice) in terms of section 29 of the Tax Administration Act, 2011, was issued by the South Africa Revenue Service (SARS) on December 15, 2015, setting out additional record-keeping requirements for "potentially affected transactions." It contains a schedule (the Schedule) that requires that the persons specified must keep and retain the records, books of account, or documents prescribed in the Schedule. The Draft Notice, if finalized, would provide guidance on what records a taxpayer must keep and as such taxpayers should consider to which extent this affects them. Comments by interested parties are required to be submitted to SARS on or by February 5. A Tax Alert prepared by Ernst & Young South Africa, and attached below, provides additional details. Document ID: 2016-0027 |
