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Alert: file by 24 November or face heavy fines and potential legal action!


Posted 4 October 2017

SARS has recently announced that it will be clamping down on taxpayers who miss the deadline to submit their tax return. Besides stating that they will carry out monthly fines for each tax return that is filed late, they have even gone so far as threatening criminal prosecution and time behind bars for unpaid tax debt.

This message, from SARS, comes in the wake of reports that it missed its first quarter tax collection target by R13.1 billion and if the trend continues, it will miss its overall revenue collection target by about R50 billion for 2017.

They have recently coined the slogan “pay your taxes or pay the price” to encourage taxpayers to file their returns on time. This message doesn’t only apply to 2017 (i.e. the current year’s submission) but also to unfiled tax returns from prior years. So, you’ll need to ensure that all your old tax returns have been filed.

The penalty amount that will be charged depends on a taxpayer’s taxable income and can range from R250 up to a whopping R16 000 a month for each month that the non-compliance continues. For example, assume a taxpayer files 6 months late, the minimum filing penalty they will receive is a hefty R1, 500! (Note: there will also be interest charged at 9,25% per annum on tax debt due).

Given these circumstances it’s important that you stay up to date with your taxes and file all your old returns. The longer you wait the higher the price you pay. If you find yourself on the wrong side of the law and need to file old tax returns, TaxTim is here to help. We are offering up to 60% off for all your old tax returns, all you need to do is submit your 2017 return and then email a request through to helpdesk@taxtim.com for your voucher.

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