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Over 500 pages compiled by our tax
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At the end of the day, SARS wants to ensure that it will receive the highest net return on any outstanding tax
This basically means that they want to get as much money as they can into their bank account. And if the compromise is that answer, then it will accept your application.
In order to determine whether or not to give you a tax
compromise, SARS will consider various factors, such as whether…
they'll get more money in the courts as opposed to a compromise, and if they'll get more money if they sequestrate or liquidate you; and whether
debt will take longer to recover if they give you the compromise, as opposed to other means. etc.
What does this mean?
When applying for a tax
compromise, you can't be the one who benefits at SARS' expense. The compromise must be in the interest of SARS.
An application for a tax
compromise can be submitted at any time of the year, and should be done as soon as you realise you can't pay SARS any outstanding tax
*That was the 1 vital condition you must meet to have a chance of receiving a tax
compromise from SARS.
To learn more, page over to Chapter T 18: Tax Compromise
in your Practical Tax
handbook, or click here
to order your copy today.