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- Our offices will close on 14 December 2018 for the festive season and re-open on 7 January 2019.
Administrative Penalties For Corporate Income Tax (CIT) To Be Imposed
SARS will be imposing administrative penalties from 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. In terms of Section 210 of the Tax Administration Act of 2011, non-compliance with regards to non-submission of required CIT returns may be subjected to a penalty, as follows:
- If SARS is satisfied that noncompliance by a person referred to in subsection (2) exists, excluding the non-compliance referred to in section 213, SARS must impose the appropriate ‘penalty’ in accordance with the Table in section 211.
- Non-compliance is failure to comply with an obligation that is imposed by or under a tax Act and is listed in a public notice issued by the Commissioner, other than:
(a) the failure to pay tax subject to a percentage based penalty under Part C; or
(b) non-compliance subject to an understatement penalty under Chapter 16.
Please contact us for any assistance in this regard.