Regulatory Alerts2018-03-31
Information Circular PF 4 of 2012: Clarification on Retirement Fund Tax Approvals and Cancellations under the One-Stop Shop
The South African Financial Services Board issued this circular to clarify administrative procedures for retirement fund tax approvals and cancellations under the integrated “one-stop shop” framework implemented on 1 April 2012. Funds registered after the implementation date must use their FSB reference number as their official tax approval identifier, while pre-existing funds retain their SARS approval numbers for tax directive applications. The circular mandates manual email submissions for new tax directives with specific reference formatting and requires auditors to declare zero assets, liabilities, and outstanding tax obligations when simultaneously cancelling a fund’s FSB registration and SARS tax approval.
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