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Tax amnesty for small businesses
3 April 2007 By Tabisa Mntengwana SMALL businesses in Mogale City can settle their tax affairs without fear of previous penalties due to non-compliance. A tax amnesty for small businesses, with an annual turnover of less than R10-million, was announced by the Minister of Finance Trevor Manuel in his budget speech in 2006. The deadline to apply for amnesty is Thursday, 31 May. The amnesty caters for businesses such as taxi operators and vendors. According to the South African Revenue Service (Sars) website, small businesses will have a chance to regularise their tax affairs without being penalised for the past. Small businesses will be able to become tax compliant without worrying about the large costs of previous tax, penalties and interest. "Interaction with small businesses has shown that many want to be legal but are afraid that the costs of joining the mainstream economy (especially the cost of having to pay many years of back tax) outweigh the immediate benefits," says Sars. The Sars office in Mogale City is running tax amnesty presentations, giving business owners information on how to apply for amnesty. "The office calls all businesses that have outstanding returns or that have not fully disclosed their annual turnover to join the presentations," said project co-ordinator Bongani Madi from Sars. Presentations take place on Thursdays at 10am at the Sars office. Mogale City business owners can get forms from the Sars Krugersdorp office in Kobiekrige Road. For more information, contact 011 950 8101/8102/8006.
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The amnesty caters for small businesses like taxi operators
Related stories Budget Speech 2006 The 2006 Budget Speech for Mogale City presented by Executive Mayor, Councillor Koketso Calvin Seerane. Click here |
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