Still don't know if your company's tax practitioner is registered with SARS?
Best you find out before it's too late, warns the South African Institute for Tax Practitioners (SAIT).
How does SARS' registration requirements affect your business?
After all, businesses that don't check run the risk that, come the 7th of July when monthly pay-as-you-earn tax returns are due, they'll discover the tax practitioner they usually use is 'no longer allowed to operate and will then have to scramble to find a registered practitioner,' Faith Ngwenya, technical and standards executive at South African Institute of Professional Accountants told bizcommunity.
And the need to check your tax practitioner is registered is more dire than you think.
Apparently, the majority of tax practitioners only became aware of the deadline when SARS issued a notice to tax practitioners two weeks ago. But be warned, this is no excuse to miss the registration deadline, warns Ronel de Kock, Head of Education at SAIT.
And since only '2 439 applications [have been received], with 879 applicants required to write the compliance examination, [which] is far off the nearly 17 000 tax practitioners in total that still have to register before 1 July,' companies are being urged enquire about the registration status of their tax practitioners, continues Stiaan Klue, Chief Executive of SAIT.
Bottom line: Make sure your company's tax practitioner is registered before the 1 July deadline – or you might just find your company in hot water.
Note: 'Tax practitioners who fail to register with one of the controlling bodies recognised by the South African Revenue Service (SARS), but still provide tax advice or services, could face serious repercussions from 1 July this year. This includes fines and even imprisonment for a period of up to two years,' adds an article on SAIT's website.