Tax Administration
Achieving success with requests for remission/reduction of tax penalties and interest
Duration: 2 hours
Price: R195.00
Title / Topic
Achieving success with requests for remission/reduction of tax penalties and interest
Presenters : Lebo Motsumi-Nkoloti
Overview
We will explore the circumstances under which the South African Revenue Service (SARS) may impose penalties and interest and the rates thereof. The video will also address the remittance of penalties and interest, and the grounds upon which a taxpayer may rely for the request for remittance.
We will unpack the use of TAA opinions, commonly known as section 223 opinions, to mitigate understatement / provisional tax underestimate penalties.
Video Content
- Interest on the underpayment of taxes.
- Imposition and rate at which interest is charged.
- Period over which interest accrues.
- Remittance and grounds thereof.
- Percentage based and understatement penalties.
- Imposition and rate of the penalty.
- Remittance and grounds thereof.
- Use of TAA opinions for remittance of understatement penalties (substantial understatement).
Competencies developed in this video
- Greater understanding of the circumstances under which SARS may impose interest and penalties.
- Awareness of the applicable legislative provisions in terms of which a remittance may be sought.
- Ability to use a TAA section 223 opinion to remit understatement penalties.
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