{"id":275257,"date":"2018-10-04T09:34:57","date_gmt":"2018-10-04T07:34:57","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=275257"},"modified":"2018-10-04T09:34:57","modified_gmt":"2018-10-04T07:34:57","slug":"sars-to-impose-penalties-for-outstanding-corporate-income-tax-returns","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/finance\/275257\/sars-to-impose-penalties-for-outstanding-corporate-income-tax-returns\/","title":{"rendered":"SARS to impose penalties for outstanding corporate income tax returns"},"content":{"rendered":"<p>SARS has warned taxpayers that administrative penalties will be imposed for outstanding corporate income tax (CIT) returns from December this year.<\/p>\n<p>According to <strong><a href=\"https:\/\/www.pwc.co.za\/en\/assets\/pdf\/taxalert\/tax-alert-sars-impose-penalties-for-outstanding-cit-returns.pdf\" target=\"_blank\" rel=\"noopener\">PwC&#8217;s Elle-Sarah Rossato<\/a><\/strong>, Section 210 of the Tax Administration Act provides for the imposition of penalties in the case of non-compliance.<\/p>\n<p>&#8220;Previously, penalties for outstanding income tax returns were only applicable in the case of outstanding personal income tax returns,&#8221; she said.<\/p>\n<p>&#8220;However, as per the notice issued by SARS on 1 October, administrative penalties will now also be imposed on corporate taxpayers that receive final demands to submit returns.&#8221;<\/p>\n<p>As per the notice, the penalties range from R250 to R16,000 per month that noncompliance continues.<\/p>\n<p>Rossato added that the exact amount will depend on the quantum of the company\u2019s assessed loss or taxable income.<\/p>\n<p>&#8220;To rectify any non-compliance and prevent penalties being imposed, corporate taxpayers, including dormant companies, should ensure that outstanding returns are submitted to SARS before the end of November 2018,&#8221; she said.<\/p>\n<p><strong>Personal income tax<\/strong><\/p>\n<p>In a separate notice sent out on Monday, SARS warned of the penalties for the late submission of personal income tax returns.<\/p>\n<p>\u201cAdministrative penalties will be applied to late filing of tax returns and range from\u00a0<strong>R200 to R5,000<\/strong>. In accordance with the Tax Administration Act No. 28 of 2011 (TAA), and specifically Section 234 (d), it is a criminal offence not to submit a tax return for any of the tax types a taxpayer is registered for,&#8221; it said.<\/p>\n<p>\u201cSARS has clamped down on outstanding tax returns to improve compliance, with 18 taxpayers prosecuted this year for not filing a return.<\/p>\n<p>&#8220;These taxpayers, who were publicly named, had ignored SARS\u2019 reminders that they were due to file a return, and now possess a criminal record. Fines ranging from R2,000 to R20,000, as well as admission of guilt fines were handed down by the courts, while some were imprisoned.&#8221;<\/p>\n<hr \/>\n<p><strong>Read:\u00a0<a href=\"https:\/\/businesstech.co.za\/news\/finance\/274609\/sars-warns-of-steep-penalties-for-late-filing-as-tax-season-comes-to-a-close\/\" target=\"_blank\" rel=\"noopener\">SARS warns of steep penalties for late filing as tax season comes to a close<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SARS has warned taxpayers that administrative penalties will be imposed for outstanding corporate income tax (CIT) returns from December this year.<\/p>\n","protected":false},"author":10,"featured_media":224456,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11121],"tags":[26,2407],"class_list":["post-275257","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-headline","tag-pwc"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/275257","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=275257"}],"version-history":[{"count":1,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/275257\/revisions"}],"predecessor-version":[{"id":275261,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/275257\/revisions\/275261"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/224456"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=275257"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=275257"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=275257"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}