SEVERE NON-COMPLIANCE PENALTIES – (Taxation)
|Be warned, some very serious and hash SARS legislation prescribing administrative penalties for non compliance were gazette recently. These will seek to inflict serious punishment on tax payers who continuosly fail to comply.
We wish to warn all our clients and esteemed readers that this is a major business risk as the consequences may be dire and of a financial nature. In the worst case, SARS action has led to companies filing for insolvency and losing their assets and subsequently going out of business. Urgently consult your professional advisors/ Accountants as regards your level of compliance.
Note that this development merely seeks to ensure maximum possible compliance with the Income Tax Act (“ITA”), however price for non compliance would be one you do now wish to experience.
Instances of non compliance that could trigger heavy penalties:
· Failure to register as a tax payer as required by the ITA;
· Failure to submit a return and/or other documents;
· Failure to furnish Sars with required information or documents;
· Failure by a provisional tax payer to provide an estimate of taxable income as required by the ITA, and;
· Failure to inform the ‘taxman’ of a change of address.
IABC does offer full monthly Income Tax, VAT and Payroll Taxes Administration.
– Mwendabai – (011 – 312 3149/ firstname.lastname@example.org)
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