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Four consequences you'll face if you don't keep your company records in the correct format

by , 16 July 2013
Record-keeping is the most important aspect of your Vat management strategy as your records are the proof you need to substantiate your claims and returns to SARS. One tiny error in your records will result in these four penalties...

'You need to be even more precious about the records you keep now that the Tax Admin Act (TAA) is in effect,' warns the Practical Vat Loose Leaf Service.

If you don't comply SARS will slap you with these penalties.

Keep your company records in the correct format or face the following consequences

#1: SARS will impose a fixed amount penalty on your company.

#2: This amount is proportional to what it thinks the seriousness and duration of your non-compliance is.

#3: The fixed amount will automatically increase every month until you can satisfy SARS or remedy the situation.

#4: You'll be committing a criminal offence. If proven guilty, you'll get an extra fine or go to jail for up to two years!

Remember, you can't get away with 'feigning ignorance' any longer. Your records must match up to what SARS wants.

And this means you must keep your company records in their original form or in a manner authorised by SARS, keep them for five years and keep them available and open for SARS inspection.

Keeping your company records in the correct format will ensure you comply with the law and avoid hefty fines.

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