Chartered Accountant & Business Consultant - Meredith Harington
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SARS penalties for companies

SARS are currently imposing administrative penalties in respect of non-submission of income tax returns to individuals. However, from 7 December 2018, SARS have advised that they will be raising administrative penalties for non-submission of company income tax returns.

According to SARS, taxpayers who do not submit their returns will be charged an administrative penalty, which can range from R250 to R16 000 per month, depending on the taxable income of the taxpayer. It is a criminal offence to not submit a return, and continuous non-compliance could lead to criminal prosecution.

These penalties will be raised in terms of the Tax Administration Act and will be issued from the date that the return was liable to have been submitted. The penalties are raised monthly from the due date and the minimum monthly penalty is R250, even if the company has an assessed loss.

We therefore encourage any clients who have fallen behind with their company tax returns to contact us so that we can plan the way forward.

 
 
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