Generic selectors
Exact matches only
Search in title
Search in content
Search Posts
Search in pages
Search Products
Filter by Categories
B-BBEE
Blog
Company Secretarial
Featured
General Business
General Interest
Investing in Property
Marketing
Personal Growth
Personal Wealth
Tax
Trusts and Estate Planning
Uncategorized

I’m getting a lot of calls lately, because SARS is hitting more and more dormant companies with monthly administrative penalties for each annual tax return outstanding.

Here’s a summary of my response –

  • It is the company that becomes liable to SARS for the penalty
  • The directors cannot be held liable
  • The shareholders cannot be held liable
  • The public officer cannot be held liable
  • The only time that SARS can recover the penalties is if the company starts to trade
  • If your company is not trading, I suggest that you ignore all correspondence from SARS relating to the penalties
  • If it is trading, I suggest that you immediately submit your tax returns and pay the penalties
  • If your company has not traded but intends to trade in future, I suggest that you form a new company for the future trade.

Don’t let SARS’ bully tactics get to you.

0 comments

XHTML: You can use these tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

Need help with your Trust or Buisness?

Contact us today or set up a free meeting with our CEO, Derek Springett. We have been offering expert advice and business services since 1971. You can also visit our online store to see our full list of services.