2019 Provisional Tax and Penalties
Provisional taxpayers are often penalised by SARS, not because the provisional tax was paid late, but as a result of the underpayment of provisional tax due to an underestimation.
In this webinar, we will revisit the law relevant to provisional taxpayers and the payment of provisional tax. The webinar will specifically deal with how the estimate of taxable income must be made and the relevance of the ‘basic amount’ in this respect.
We will then specifically explain when SARS can, or must, levy the estimation penalty, and the remedies that are available to the provisional taxpayer to have the penalty remitted. The final issue will relate to interest where the additional payment was not made by the provisional taxpayer.