• Tax

    Company Tax returns for dormant companies

    There is a common belief among business owners, that when a company is dormant, i.e did not trade for a specific financial year, that you do not need to submit a tax return. This is not true, a company has to submit a tax return whether it has traded or not. SARS will still hold a dormant company liable for a return, even if the company is dormant. And this can lead to penalties being raised, usually at R250 per month for every return not submitted. The following is an extraxt is from SAIT(South African Institute for Tax professionals) 1. Believing you do not need to submit an ITR14 for…

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