Cecil Kilpin | October 2017 Newsletter

By |2022-01-21T10:45:16+02:00October 6th, 2017|Business, Goverment, Newsletter, Tax|

"PAY YOUR TAXES OR PAY THE PRICE" SARS has announced an intensified drive to clamp down on non-compliant tax payers by intensifying criminal proceedings. There has been a significant increase in non-compliance, resulting partly in SARS not meeting revenue collection targets. It is a criminal offence not to submit tax returns and could result in substantial fines or even criminal prosecution leading to imprisonment. The following non-compliance penalties could be charged: Fixed amount penalties Fixed rate penalties can be imposed by SARS for non–compliance with any procedural or administrative action or duty imposed or requested, for example: Not registering when required to Not informing SARS where there is a change in registration details Not filing returns Not retaining records as required by SARS Percentage based [...]