‘arrangement’ means any transaction, operation, scheme, agreement or understanding (whether enforceable or not);
Section 34 (TAA) – Definitions
34. Definitions
In this Part and in section 212, unless the context indicates otherwise, the following terms, if in single quotation marks, have the following meanings:
Part B – Reportable arrangements (TAA)
Part B
Reportable arrangements
Section 33 (TAA) – Translation
33. Translation
(1) In the case of information that is not in one of the official languages of the Republic, a senior SARS official may by notice require a person who must furnish the information to SARS, to produce a translation in one of the official languages determined by the official within a reasonable period.
(2) A translation referred to in subsection (1) must-
(a) be produced at a time and at the place specified by the notice; and
(b) if required by SARS, be prepared and certified by a sworn and accredited translator or another person approved by the senior SARS official.
Section 32 (TAA) – Retention period in case of audit, objection or appeal
32. Retention period in case of audit, objection or appeal
Despite section 29(3), if-
(a) records, books of account or documents are relevant to an audit or investigation under Chapter 5 which the person subject to the audit or investigation has been notified of or is aware of; or
(b) a person lodges an objection or appeal against an assessment or decision under section 104(2),
the person must retain the records, books of account or documents relevant to the audit, investigation, objection or appeal until the audit or investigation is concluded or the assessment or the decision becomes final.
Section 31 (TAA) – Inspection of records
31. Inspection of records
The records, books of account and documents referred to in section 29 whether in the form referred to in section 30(1) or in a form authorised under section 30(2), must at all reasonable times during the required periods under section 29, be open for inspection by a SARS official in the Republic for the purpose of-
(a) determining compliance with the requirements of sections 29 and 30; or
(b) an inspection, audit or investigation under Chapter 5.
Section 30 (TAA) – Form of records kept or retained
30. Form of records kept or retained
(1) The records, books of account, and documents referred to in section 29, must be kept or retained-
(a) in their original form in an orderly fashion and in a safe place;
(b) in the form, including electronic form, as may be prescribed by the Commissioner in a public notice; or
(c) in a form specifically authorised by a senior SARS official in terms of subsection (2).
(2) A senior SARS official may, subject to the conditions as the official may determine, authorise the retention of information contained in records, books of account or documents referred to in section 29 in a form acceptable to the official.
Section 29 (TAA) – Duty to keep records
29. Duty to keep records
(1) A person must keep the records, books of account or documents that-
(a) enable the person to observe the requirements of a tax Act;
(b) are specifically required under a tax Act or by the Commissioner by public notice; and
(c) enable SARS to be satisfied that the person has observed these requirements.
(2) The requirements of this Act to keep records, books of account or documents for a tax period apply to a person who-
(a) has submitted a return for the tax period;
(b) is required to submit a return for the tax period and has not submitted a return for the tax period; or
(c) is not required to submit a return but has, during the tax period, received income, has a capital gain or capital loss, or engaged in any other activity that is subject to tax or would be subject to tax but for the application of a threshold or exemption.
(3) Records, books of account or documents need not be retained by the person described in-
(a) subsection (2)(a), after a period of five years from the date of the submission of the return; and
(b) subsection (2)(c), after a period of five years from the end of the relevant tax period.
Section 28 (TAA) – Statement concerning accounts
28. Statement concerning accounts
(1) SARS may require a person who submits financial statements or accounts prepared by another person in support of that person’s submitted return, to submit a certificate or statement by the other person setting out the details of-
(a) the extent of the other person’s examination of the books of account and of the documents from which the books of account were written up; and
(b) whether or not the entries in those books and documents disclose the true nature of the transactions, receipts, accruals, payments or debits in so far as may be ascertained by that examination.
(2) A person who prepares financial statements or accounts for another person must, at the request of that other person, submit to that other person a copy of the certificate or statement referred to in subsection (1).
Section 27 (TAA) – Other returns required
27. Other returns required
(1) A senior SARS official may require a person to submit further or more detailed returns regarding any matter for which a return under section 25 or 26 is required or prescribed by a tax Act.
(2) A person required under subsection (1) to submit a return must do so in the prescribed form and manner and the return must contain the information prescribed by the official and must be a full and true return.