Not complying with your tax obligations, do THIS to get into SARS' good books right away
If you haven't been complying with your tax obligations and you've just been ignoring the issue because you don't know how to remedy the situation, there's hope for you.
There's a way to get back into SARS' good books and get your tax affairs in order. Here's what you need to do...
Here's how to get back on SARS' good side if you haven't been complying with your tax obligations
Experts behind the Practical Tax Loose Leaf Service
say if you discover that you haven't complied with your tax obligations, or even if you've known about it for some time, SARS has made provision for you to get back into the tax net and into their good books.
This is called a Voluntary Disclosure Programme (VDP).
Here's how it works…
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To qualify for the VDP, you must voluntarily come forward and make a full and complete disclosure
The only condition is that your disclosure mustn't result in a Vat refund due by SARS (Section 227 of the Tax Admin Act
). If it results in a Vat refund, then SARS can disallow the VDP and deduct penalties and interest from the refund due to you. So if there's a refund due to you, the VDP will be invalid.
The important point here, is if you come clean to SARS by using the VDP, you'll get the following relief:
No criminal prosecution; and
Full or partial relief from the understatement penalty.
If you're unsure if you'll qualify for the VDP, you can anonymously provide details of your non-compliance to SARS and SARS asses if it'll allow the VDP.
There you have it. You don't have to run and hide if you haven't been complying with your tax obligations, get back on SARS' good side by using the VDP.
PS. Find out how to take the hassle out of tax, audit-proof your business and make the Receiver your friend!