Fined by Sars but no money in the bank

2013-02-27 14:39
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A Fin24 user writes:

How can they charge penalties on income tax returns when you don't have money in the bank?

A PwC expert responds:

Financial penalties are aimed at encouraging compliance and can be avoided if your tax returns are filed on time.

Anyone who is aggrieved by a penalty assessment may request the South African Revenue Service to remit the penalty. However, valid reasons should be provided for late filing in such a case. 

  - Fin24

* Visit our 2013 Budget section for full coverage of Finance Minister Pravin Gordhan's National Budget speech.

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