How to Settle my Tax Debt?
It happens that your tax debt just fall
behind in such a way that there will be almost no possible way to settle it in
total or it will be viable to arrange for a repayment of the debt.
Tax debt can include some or all the
- Income tax
- Value added tax
- Dividend tax
- Administration penalties
You can possibly apply with SARS
for a compromise or settlement offer.
SARS will only allow such an offer if it is clear from the financial
statements that a company do not have a net asset value. The net asset value of a company
is the assets less liabilities.
The following documentation will
be needed to apply for a compromise or settlement agreement with SARS:
- Latest signed financial statements.
- Latest management report statement. (up till
the last completed month)
- Cash flow projection for next 12 months.
- 6 months bank statements of the business.
- Confirmation of accounts payable and accounts
- Latest company registration documents.
- FICA of all directors.
- Motivational letter for the reason of the
- It is important that all tax returns are up to date.
Our fee for this application is R
Contact us here for a
consultation or assistance.
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(Accountants & BEE South Africa)