Tax Deadlines

The following article is an excerpt from our February 2018 newsletter:

SARS encourages taxpayers to submit outstanding returns

The South African Revenue Service (SARS) is embarking on a nationwide awareness campaign to remind taxpayers of their obligation to submit outstanding tax returns.

The campaign kicked off in KwaZulu-Natal on the 22nd January. Other provinces will be covered over the next six weeks. During this campaign, SARS will share information on taxpayer obligations, the submission of tax returns, and consequences related to non-submission.

SARS would like to see higher levels of compliance across all tax types and prompt payment of tax debt. Taxpayers who do not submit their returns are charged a penalty, which can range from R250 to R16 000 per month, depending on the taxable income of the taxpayer. It is a criminal offence not to submit a return and continuous non-compliance will lead to criminal prosecution.

There is a significant budget deficit, and collecting outstanding taxes is certainly one of the first ways of improving liquidity. You can expect a severe clamp down this year so if you have any outstanding returns please contact us for professional assistance in this regard.

Provisional Tax

Note that entities and individuals with February year ends are required to submit their 2nd provisional tax payment by the end of February 2018. Note that penalties are levied on the late or non-payment of provisional tax at a rate of 10%. If provisional tax has been understated a penalty of 20% will apply. Note that the non-submission of the return with four months of year end is deemed to be a submission with an estimate of zero.

Visit our Newsletters page for more useful information.

Comments are closed.