Beware the New Corporate Income Tax Penalties! And Your Tax Deadlines For November
The penalties, says SARS, “range from R250 to R16,000 per month (see Table) that non-compliance continues, depending on a company’s assessed loss or taxable income” (our emphasis), and will apply to companies which have been issued a final demand to submit a return.
Note also that this also applies to dormant companies: “If a company is dormant, it is still required to submit any outstanding returns prior to 2018 to prevent a penalty being imposed.”
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(Adapted from the Tax Administration Act) |
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