A worker sews face masks using African styled fabrics, 25 March 2020, at Nkosibo Laundromat and Dry Cleaners in Melville, Johannesburg. Picture: SUNDAY TIMES/ALAISTER RUSSELL
Joon Chong, tax partner at Webber Wentzel, says there has been no relief outlined in terms of late payments of VAT. She notes that VAT vendors who have monthly payment obligations have a payment due on April 7. There is also relief in the form of a deferral of provisional tax payments for smaller businesses. However, provisional tax payment relief for sole-proprietor businesses has not been finalised.
Chong explains that there is a 20% underestimation penalty where the estimated taxable income used for the second provisional tax calculation is not at least 90% accurate. However, she says the Tax Administration Act provides for the remittance of penalties in exceptional circumstances. Chong also notes that the Tax Administration Act provides for the remittance of penalties in a case of serious financial hardship where there is an “immediate danger” that the continuity of business operations and the continued employment of its employees are jeopardised.
Chong says it is imperative that taxpayers continue to try to meet their tax obligations “in full and timeously” where possible.
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