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Thread: Tax Amnesty for Small Business

  1. #11
    Email problem
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    Time is running out for the Tax Amnesty window. I have been advised by the person who does my books that we are compliant, and that she feels an amnesty application would not be necessary.

    My dilemna is whether to apply or not anyway, because how can one be certain that everything has been declared in respect of submitted returns?

    Please help - The hourglass is running...

  2. #12
    Site Caretaker Dave A's Avatar
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    It really depends just how confident you are that you've done everything by the book, and just what your taxable earnings were in 2006 tax year. If your earrnings are high (which would attract a fairly high amnesty levy), and you've been pretty disciplined in terms of your record keeping, applying for the amnesty might not make sense.

    But I have heard of people applying and paying the levy "just in case." It may well be worth it if your amnesty levy works out to be a pretty trivial sum.

    It is definitely worth it if you recently shut a business down - especially if the earnings were nil in the 2006 tax year. A neat way to tidy up any loose ends

  3. #13
    Site Caretaker Dave A's Avatar
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    About 220 000 businesses have already registered for the government's small-business tax amnesty, more than twice as many as expected, Finance Minister Trevor Manuel said on Wednesday.

    The amnesty, for businesses with a turnover of less than R10-million, was launched in August last year and was to have closed on May 31.

    However, in the face of an avalanche of last-minute calls from businesses, including taxi operators, and long queues, offices of the South African Revenue Service (Sars) remained open until lunchtime last Saturday.

    "We had an idea somewhere that about 100 000 businesses would register," Manuel told a World Editors' Forum lunch in Cape Town.
    full story from M&G here

  4. #14
    just me duncan drennan's Avatar
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    Quote Originally Posted by Dave A View Post
    including taxi operators
    Whoohoo!! I think it is really great news that they are drawing more people into the tax system. I wonder what the impact will be on the economic numbers?
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