tax penalties

SARS Penalties

Please note that SARS is now imposing penalties for the late submission of tax returns. Even if there is a loss, SARS will charge a fine of R250 per month for which the tax return is outstanding.
This fine increases with the taxable income, going as high as R16 000 per month where the taxable income is R50m.

Action to take -> ensure all tax returns for which you are responsible have been submitted timeously.

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