S.Africa: SARS is to fine 300,000 new companies for not submitting tax returns!

[SARS is our stupid, greedy, revenue service feeding our wasteful, incompetant govt. I am wondering if this large number of firms not submitting tax returns is due to them not making money? I don’t know how anyone can make money in South Africa unless you’re black or Jewish or a communist. Jan]

SARS intends to fine 300 000 companies for non submission of their tax returns.

More than 500 000 new companies were registered in the past financial year, of which the vast majority did not submit returns. With this effort, SARS aims to rejuvenate its income.

Experts say it’s going to be an uphill battle for SARS to restore the situation with the current chaos that prevails.

Read the original article in Afrikaans on Die Vryburger

Source: https://southafricatoday.net/south-africa-news/sars-to-fine-300-000-companies/

One thought on “S.Africa: SARS is to fine 300,000 new companies for not submitting tax returns!

  • 11th Dec 2019 at 4:27 pm
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    Its the bureaucracy its just too much for small companies. Vat, health and Safety, First aid, Fire hydrants, pensions,BEE, competition from massive white unemployed, bulk buying discounts for big buyers, in a word big government interference. Yep small businesses just don’t get off the ground. Bank Charges for small businesses is way higher than for the monopolies as well as square meter rates where small business must finance Pick n Pays for lower rates. Rates are subsidized for mines. Yes its cheaper electricity for the mines and water is also probably subsidized on small business backs. Just like Europe it is not worth the brain cells when your government has set up a rich mans Paradise.

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