EXPERIENCE THE DIFFERENCE

BGR Chartered Accountants (BGR) is an association of five Western Cape firms that combine resources and skills to serve clients with expertise of the highest quality at a competitive tariff structure.

Our firm is big enough to have a wealth of accounting experience and knowledge, but small enough to give clients personal attention. Led by true industry professionals, our culture is based on integrity, transparency and respect. Accounting, auditing, tax planning and business advisory services are delivered timely, imaginatively and efficiently.

IMPORTANT DATES

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:

  1. 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.
  2. 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.