Home Practice Management Sars hits late filers with penalties of up to R16,000 a month

Sars hits late filers with penalties of up to R16,000 a month

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Sars has announced it will be imposing administrative penalties from 7 December 2018 for outstanding Corporate Income Tax (CIT) returns.

Administrative penalties will be imposed on companies that receive a final demand to submit a return. 

The penalties range from R250 to R16,000 per month that non-compliance continues, depending on a company’s assessed loss or taxable income. Companies that have outstanding CIT returns were requested to submit their return to Sars before the end of November 2018 to rectify non-compliance and prevent penalties being imposed.