SARS is not taking prisoners when it comes to penalties ~
The South African Revenue Service is being strict on the implementation of penalties, and more frequent penalties are being levied due to more leeway being given to SARS.This is not a problem for South African taxpayers who have been submitting their returns each year, but it is a problem for taxpayers who have been avoiding the submission of tax returns or are unaware that they need to submit their tax returns.
However, SARS announced that they will be levying penalties for the late submission of returns if any single tax return from 2007 to 2020 is outstanding effective from 1 December 2022. This information needs to be confirmed by the taxpayer themselves and be submitted to SARS. Failure to do so will lead to penalties that need to be paid.South Africans working abroad receives foreign-sourced income which remains taxable in South Africa if they are resident. Their foreign income is subject to the Foreign Exemption of up to R1,25-million and foreign tax credits.
Failure to include the foreign income in provisional tax returns might lead to understatement penalties of up to 200% of the shortfall during the annual return submission. This can result in a prodigious liability for the taxpayer depending on the extent of the foreign income received.SARS has recently introduced a formal method of formalising non-residence, which includes a review of the taxpayer’s tax compliance.
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