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Penalties And Interest

  • How to calculate the fringe benefits of VAT on company cars
  • One of the most common fringe benefits encountered on modern payrolls is the right to use a company car Where an employee has the right to use a company car, you must calculate the VAT on the fringe benefit as follows: Where the vehicle is a motor car (not a bus or kombi) and the input tax was specifically denied, the calculation is as follows:         0.3% x the determined va... ››› more
  • [15 February 2017]
  • Do I have any recourse if SARS slaps me with penalties, interest and additional tax?
  • If SARS believes you intentionally under declared your output tax or over claimed your input tax, they will slap you with a hefty additional tax penalty of up to 200% of the tax. So on top of the normal VAT of 14%, you'll now also need to pay additional VAT of up to 28%, plus a 10% penalty and interest. You could even be prosecuted in court and can go to jail. But is there a way out of th... ››› more
  • [12 December 2016]

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