Are you applying for a payment suspension? Then use these 5 statements to ensure SARS grants it
Are you intending to appeal or object a SARS assessment?
If so, then you can, under the Tax Administration Act, apply to SARS, in writing, for a payment suspension. In other words, to postpone the payment of the assessed taxes until the objection, or appeal, has been finalised.
Now, it's worth noting that the decision to grant this postponement is up to SARS, and they may require some convincing.
The key here is the way in which you use your words!
So should you wish to take this route and apply for to SARS for a payment suspension, here is a list of 5 great statements you could use in your application, to greatly improve the odds of SARS actually granting it to you...
Our business has complied with all our obligations in terms of tax legislation. Therefore we're tax compliant.
The recovery of the disputed tax will not be jeopardised nor will there be a risk of the dissipation of our assets.
At first glance, there is no fraud involved within the origin of the dispute.
Payment will result in irreparable hardship to us, not justified by the prejudice to SARS or the fiscus if the disputed tax is not paid or recovered.
It's worth noting that we haven't been found guilty of the crime of tax fraud, and so are relieved from the obligation of finishing security for the assessed taxes.
By using these statements, you can increase your chances of SARS granting you a payment suspension.
After all, very often it's in the way that you present something that can make all the difference.
To learn more,
such as what steps you must follow when submitting an appeal, flip over to Chapter O 01: Objections and Appeals
in your Practical VAT Loose Leaf Service
If you don't already have this invaluable VAT resource, simply click here
to order your copy today.