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SARS can raise administrative penalties if a taxpayer is non-compliant in a specific area of their tax affairs, including income tax (CIT or PIT), value-added tax (VAT), or Pay as You Earn (PAYE).
The number of Directors
In South Africa, the minimum number of company directors must be
A Private Company must appoint at least one director upon company registration.
A Public Company and a Non-Profit Company must appoint at least three directors.
In the event of the minimum requirement of directors not being met,
According to Income Tax Notice 2130, the list of persons required to submit income tax returns includes:
Every company or other juristic person, which was a resident during the 2022 year of assessment that
If registered, VAT to be charged for all services and/or products supplied by the vendor. The expenses that are claimed have to be legitimate business expenses
Submit your tax return forms online quickly and easily using SARS eFiling.
In order to use SARS eFiling, you will need your own tax reference number.
If you do not have one, please see how to get a South African tax number.
Are you registered as a taxpayer? Step by Step guide on how to get a tax number.
Rather than focusing on cutting your tax bill, I propose a different strategy to my clients: Focus on growing wealth and use the year-end time to review your financial situation and make changes, if necessary.
The Tax Administration Act stipulates that SARS can issue administrative penalties for outstanding tax returns. Until recently, SARS could only levy penalties if the taxpayer had two or more outstanding returns between 2007 and 2020. The law has since changed and, from 1 December 2021, SARS can levy administrative penalties if there is only one tax return outstanding from the 2021 tax year of assessment.
Business owners are responsible for filing and making payment to SARS accurately and on time. This is regardless of whether you have a Tax Practitioner or someone else handling your tax matters. Whether as a self-employed individual or business, you are required to register your business with SARS, file your tax returns and pay the required taxes on time.
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