Heat on small business after tax deadline

The South African Revenue Services (Sars) has warned that small business owners who failed to apply for tax amnesty will face penalties. This, as thousands of small business owners countrywide rushed to meet today's 1pm deadline.

Adrian Lackay, the Sars spokesperson, says those who have not applied or submitted forms will be prosecuted. Lackay says there will be a dedicated focus after the deadline because such businesses face the risk of being prosecuted.

He says it is a criminal offence if you do not return the forms. There is also a possibility of attaching assets or properties that may be register on the name of the individual or the business.

Amnesty

Meanwhile, the Sars in the Northern Cape says it is satisfied with the number of small business owners who have registered for tax amnesty. Sars says they have exceeded their target of 1 500 businesses by 500.

Moeti Mokotedi, one of the small business owners who managed to beat this afternoon's deadline, says for all these years he have been running the business, wants to make sure that at least for one year or two that he has not been submitting the returns, he got amnesty for that. [via]