This is a reminder that your Company Income Tax Return (ITR14) is due on 28 February 2019.
It is compulsory for registered companies to submit their income tax returns. Companies are required to submit a tax return in the prescribed form twelve months after their financial year-end. In addition to annual returns, companies are required to submit provisional tax returns and make payment by 28 February 2019. These returns are to be submitted every six months after your year-end and must contain estimated figures of total income earned for that period and taxes paid over in respect of the income estimates for that period.
The penalty amount that will be charged depends on a taxpayer’s taxable income and can range from R250 up to R16 000 a month for each month that the non-compliance continues.