Now that SARS has established their monthly penalties on outstanding Annual Tax Returns, they have moved on to VAT returns.

They are still only imposing monthly penalties on what appear to be randomly selected dormant (and of course, active) companies. They are now moving on to impose administrative penalties on outstanding VAT returns.

This is upping the ante hugely as VAT returns are due every one or two months and the minimum penalty is R250 per month per outstanding return. So if there are say, 6 returns outstanding, the penalty will be R1 500 each month until they are submitted.

We are offering to submit all outstanding NIL VAT returns for R1 500. However, if the company has traded, the bookkeeping must be brought up to date before returns can be submitted and this will all be subject to quotation. Contact us on 011 805 0030 or derek@harbourassociates.coza for assistance.