Wipe the slate clean
2006-06-01
ON 12 May this year SARS and the National Treasury released the Small Business Tax Amnesty and Amendment of Taxation Laws Bill for public comment.
The deadline for public submissions or comment on the draft legislation is 5 June.
The Portfolio Committee on Finance will conduct public hearings on the Bill from 2 June in Parliament.
SARS recognises the challenges small business owners may face to regularise their affairs and to become part of a formalised business environment.
Many small businesses, particularly in the taxi industry, have been historically marginalised, were excluded from the economic mainstream, operated informally and remained outside the tax system.
The Small Business Tax Amnesty is a window of opportunity that will enable small businesses to regularise their tax affairs and will be considered for:
* Businesses with an annual turn-over of less than R5 million
* Businesses who have never registered with SARS as taxpayers
* Businesses who are registered with SARS, but have not declared all income
The amnesty process will require of applicants to declare income earned for the 2004/05 financial year. A 10% penalty will be levied based on income declared for this financial year.
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