How to Settle my Tax Debt?


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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 below:

- 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:

  1.  Latest signed financial statements.
  2.  Latest management report statement. (up till the last completed month)
  3.  Cash flow projection for next 12 months.
  4.  6 months bank statements of the business.
  5.  Confirmation of accounts payable and accounts receivable.
  6.  Latest company registration documents.
  7.  FICA of all directors.
  8.  Motivational letter for the reason of the application.
  9.  It is important that all tax returns are up to date.

Our fee for this application is R 8,500.

Contact us here for a consultation or assistance.

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(Accountants & BEE South Africa)