25/10/2023
DID YOU GET THE MESSAGE FROM SARS BELOW? HOW IS IT ACTUALIZED?
1. Registering a business with CIPC entails agreeing to all applicable legal requirements, since the company is immediately registered with SARS and assigned a tax number.
2. You have a full year to get ready and submit when the time comes. For instance, if your year ends in March and your previous year ended in March 2022, you should have filed your annual returns by April 2023. You are in violation if it is already September and you haven't done so.
3. Regardless of whether they are inactive, experiencing a loss, or having sales of less than R1 million, ALL COMPANIES are required to file their yearly returns. These are the prevalent misconceptions that people have acquired, leading them to assume that they are free from
4. To be clear, even if your company is registered but not operating—that is, it is dormant—you still have to follow the rules. As required by the Tax Laws, you must file those R0.00 with SARS. When you are creating something, DO NOT submit zeros; even if you make R5.00, SARS wants to know about it.
5. You will be subject to fines or jail time if you don't. Penalties are assessed within 21 business days of the day the final demand was issued. They are dependent on the taxpayer's taxable income and can range from R250 to R16,000 per month for each month that the non-compliance persists.
6(a). NOTE: Some people have been attempting, without success, to activate their companies on efiling in order for them to be able to comply; they have tried uploading documents that SARS requests, but you need to have kept evidence. If you are one of those people, don't worry.
6(b). If they assessed fines, you will request a remission and state that it was due to their own actions. They will then remove the penalties, but only after they have activated your profile and you have submitted. Save all of the documentation, case numbers, etc.