Fined by Sars but no money in the bank

2013-02-27 14:39
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.

Do you have a budget-related question? If so, post it on our Money Clinic section and we will get an expert to answer your query.

Disclaimer: Fin24 cannot be held liable for any investment decisions made based on the advice given by independent financial service providers.

Under the ECT Act and to the fullest extent possible under the applicable law, Fin24 disclaims all responsibility or liability for any damages whatsoever resulting from the use of this site in any manner.

Read Fin24’s Comments Policy publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.