Secondly, tax compliance levels are slipping and SARS is planning to aggressively counteract this, noting that a substantial number of taxpayers have not submitted their tax returns on time and/or have not settled tax debt due to SARS. This trend, it says, applies not just to this year but to prior years.
Tax returns in question are:
- Income Tax
- Value Added Tax
- Pay as You Earn Tax
- Corporate Income Tax
Be warned that it is a criminal offence not to submit a return on time. Failure to file returns on time therefore not only gives SARS the right to levy penalties for every month overdue but also at the same time to institute criminal prosecution.
This should not leave any doubt in taxpayers’ minds as to the risks of non-compliance so ask your accountant for advice now if you have any doubt about being fully compliant.
This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)