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Commissioner's discretionary power regarding date of financial accounts

August 2016

South Africa

SARS has issued a new interpretation note to provide guidance on the interpretation of the Commissioner's discretionary power to accept financial accounts of a company for a period ending on a day that differs from the last day of the company’s financial year. 

If a company does not close its financial accounts on the last day of its financial year, the Commissioner may accept that the financial accounts in respect of its income be drawn to a fixed day approved by the Commissioner. A request must be submitted to the Commissioner within a reasonable period before the last day of the company’s financial year.

The team

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