The penalty for late submission of employee reconciliation declarations is 1% of the employer’s PAYE tax liability for the year – increasing monthly up to a total of 10%. Moneyweb Sars
The deadline for the submission of up-to-date payroll information by employers on their employees is fast approaching, and non-compliance could cost them dearly. The South African Revenue Service has a powerful tool in the form of highly punitive administrative penalties to fight non-compliance in the timeous submission of tax returns and payments.
The fixed amount ranges from R250 to R16 000 a month for taxpayers with annual taxable income of R250 00 and over R50 million respectively. Delays with EFTs Many taxpayers are aggrieved when they have met their obligations on time but their payments only reflected in Sars’s bank account after the deadline.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Liverpool grab FA Cup glory as Chelsea pay the penalty againThe Reds remain in with a chance of the quadruple after beating Chelsea on penalties.
Read more »
Charlotte Maxeke hospital: some good news, but worries remainThe Joburg hospital has started reopening as the fire damage is repaired, but delays, security issues and patchy health and safety compliance are affecting staff retention.
Read more »
Return of in-person indaba no lure for green-focused SibanyeMove is in line with its drive to reduce contribution to emissions, CEO Froneman says
Read more »
Liverpool FA Cup win a huge boost for quad bid, says AlissonLiverpool hero Alisson Becker said the team's FA Cup final victory against Chelsea on penalties would give them a huge confidence boost as they chase a historic quadruple.
Read more »
Liverpool win FA Cup on penalties against ChelseaLiverpool won an absorbing English FA Cup final on Saturday as they prevailed 6-5 in a penalty shoot-out after the Wembley showpiece somehow ended 0-0 after extra time.
Read more »