CORPORATE INCOME TAX

Don’t fall on the wrong side of compliance

There has been a massive decrease in the payment of corporate tax since the Covid-19 pandemic became a reality in South Africa, and SARS has indicated that this is a cause for concern as it indicates non-compliance on the part of companies and employers alike.

SARS will exercise their authority when it comes to revenue collection, and those who are non-compliant will face the full might of the law and risk incurring penalties and interest.

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We are expecting that SARS will be especially aggressive in the coming months when collecting from corporate taxpayer in order to offset the massive budget deficit. These collection steps that can be expected includes salary garnishes and even taking money directly from taxpayers’ accounts. This is not the time to take risks. SARS’ approach clearly shows you are dealing with a competent revenue authority, and we are expecting

Penalties associated with late filing of income tax returns are a reality and can have massive financial consequences for businesses across the board as they add up very quickly, if left unattended to. Do not place your business on the wrong side of compliance when it comes to filing your corporate income tax this season.

Practice prudence by planning ahead of your submission date to ensure your tax affairs are in order when the deadline comes around.

Our multidisciplinary team of highly qualified tax attorneys and chartered accountants will be able to assist you in filing your corporate income tax returns and in getting your affairs in order. Any information shared with our tax attorneys will be protected by legal privilege.