If you have a company, it is very important to ensure that the income tax returns are up to date at SARS. SARS has started giving penalties for all companies with outstanding tax returns.
How much are the penalties?
The penalty is R250 per month, per return outstanding. This means that the amount can accumulate quickly into a big SARS debt.
What if my company has not traded?
Companies have to submit tax returns, even if they have not traded. They have to declare on the tax return that the company is dormant.
