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Vendors urged to submit outstanding VAT returns

https://lephalaleexpress.co.za/2018/06/23/vendors-urged-submit-outstanding-vat-returns/

The South African Revenue Service (SARS) on Friday reminded Value Added Tax vendors to submit their outstanding returns to avoid administrative penalties.

In its statement, the revenue service said the Tax Administration Act No. 28 of 2011 (TAA), states that it is a criminal offence not to submit a tax return for any of the tax types a taxpayer is registered for. These tax types are: Personal Income Tax (PIT), Corporate Income Tax (CIT), Pay As You Earn (PAYE) and Value-Added Tax (VAT).

“Failure to submit the returns within the relevant period could result in administrative penalties being imposed per outstanding return. It could also result in criminal prosecution which could lead to a fine or imprisonment,” said SARS.

The revenue service said all VAT vendors with outstanding returns, including those who failed to submit a due return for the first time, or did not submit a VAT201 return in time for the April/May 2018 VAT period, will receive SMS or email-reminders from SARS from today onwards to submit their outstanding returns.

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SARS urged taxpayers to rectify their compliance status by submitting any outstanding returns as soon as possible at their nearest SARS Branch or via SARS eFiling at www.sarsefiling.co.za.

This is so as to avoid any penalties, interest, prosecutions as well as imprisonment.

“It is important to note that should any return result in a tax debt, the debt must be paid before the relevant due date to avoid any interest for late payment and legal action. SARS will ensure that refunds are paid, unless there is a legal reason to withhold a refund.”

The revenue service further reminded vendors to submit accurate declarations as it may conduct an audit.

Taxpayers can call the SARS Contact Centre on 0800 00 7277 for further clarity. – SAnews.gov.za

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