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CAPE TOWN – The South African Revenue Service (Sars) will soon impose administrative penalties in the event of non-compliance with corporate income tax (CIT) declarations.
Administrative non-compliance penalties will be imposed on businesses that fail to file a tax return, in accordance with the Income Tax Act, 1962, for the badessment years ending in 2009 and the following calendar years, when Sars delivered to this company a final version. request, and if the company does not submit the overdue return within 21 business days of the final application.
Penalties range from 250 rupees to 16,000 rands, depending on the estimated loss or taxable income of the corporation, for each unpaid return, and will increase by the same amount each month in which the non-compliance will continue after the imposition. of the first penalty. This is in accordance with Chapter 15 of the Tax Administration Act 2011.
It is mandatory for all registered companies, small or large, to submit their tax return within 12 months of the end of the corporation's fiscal year. This can be done on eFiling.
The CIT is owed by companies resident in South Africa, companies that earn income or have a capital gain or loss in South Africa or have a permanent establishment (branch) in South Africa.
It is important to note that inactive companies – for example, registered companies with no receipts or badets – are also required to file outstanding returns by 2018 to prevent the imposition of a penalty.
Sars will impose penalties through a penalty badessment which, if not paid, will be followed by debt recovery steps. A company may request payment of the penalty in Sars and, if it is not granted, it has the right to file a claim against the decision not to return eFiling.
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