How long will SARS take to process and assess my 2006 tax return?
The South African Revenue Service (SARS) maintains a ‘first in, first out’ approach to data capturing, processing and assessment of income tax returns, so the sooner you submit your tax return the sooner it will be assessed. << back to top PENALTIES AND INTEREST 1. Additional Tax Additional tax of up to 200% of the tax payable may be levied where – • the income tax return is not submitted on time • all of the income is not disclosed in the income tax return • a false statement or declaration is made in the income tax return. Additional tax amounting to 20% may also be levied where – • the estimated taxable income for the year of assessment for the second provisional tax payment (payable on 28 February 2006) is less than 90% of the actual taxable income for the year of assessment and the taxable income for the previous year of assessment; and/or • this estimate is not submitted before the last day of the year of assessment. 2. Penalties Penalties may also be charged where provisional ta
