Penalties for Non-Submission of Corporate Income Tax Returns

As you may be aware, SARS currently imposes administrative penalties only in respect of the non-submission of individual income tax returns. As from 7 December 2018, administrative penalties for late Corporate Income Tax (CIT) returns will be imposed. These penalties will be raised in terms of section 210 of the Tax Administration Act and the required gazette will be issued in terms of section 210(2) of that Act.

To ensure that the concerned parties are adequately informed, SARS will issue letters to affected companies reflecting their return statuses. The letters will simply be a proactive friendly reminder, which will be followed up by a final demand letter after 7 December 2018, and thereafter, the levying of penalties will commence.

To find out more, contact your closest Moore Stephens firm