August 23, 2019

Audit certificates: What you need to know?

The South African Revenue Service (“SARS”) issued Interpretation Note 112 on 21 June 2019 to provide guidance on the interpretation and application of the audit certificate requirement as set out in section 18A of the Income Tax Act.[1] For background purposes – section 18A provides a taxpayer with an income tax deduction for bona fide donations paid to certain approved organisations such as qualifying public benefit organisations (“PBOs”) and other approved agencies, programmes, funds, the High Commissioner, offices, entities or departments. The requirements needed to qualify as a PBO are set out in section 30 of the Income Tax Act. […]
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