SARS has imposed penalties on hundreds of thousands of taxpayers, many of whom only had one return outstanding. Previously penalties were only imposed on taxpayers with more than one tax return outstanding. The South African Revenue Service (SARS) has imposed penalties amounting to R381 million on 690 000 taxpayers for outstanding returns this year. The new penalties for single returns outstanding will rake in R243 million for SARS over just four-and-a-half months – a lot more than the R138 million in penalties imposed so far this year for multiple returns outstanding. If you have no good reason for not submitting your outstanding returns, file them as soon as possible to stop the penalties.

Source: News 24 June 01, 2023 10:06 UTC