As part of SARS' recent media release emphasising the implementation of its new tough penalty regime, SARS is threatening to take the money from your bank or your employer.
"Can they do this?" you ask in despair.
On 14 October 2009, SARS issued a media release indicating that it would be enforcing the new penalty regime with effect from 23 November 2009. In summary, non-compliant taxpayers will attract a monthly penalty based on their income of at least R250 per month for EACH outstanding return. The details of these penalties can be found here.
With the introduction of Annual Returns for both Companies and Close Corporations, comes the threat from CIPRO that entities who do not submit their annual return may be deregistered. What you probably do not know is the potentially severe cost to you of this...
