Print Page   |   Report Abuse
News & Press: Meditari

Reliance on professional and non-professional advisors or staff as a Defence

10 January 2001   (0 Comments)
Posted by: TaxFind™
Share |
Reliance on  Professional and  Non-Professional  Advisors or Staff as a Defence to The  Imposition of 
Penalties in Income Tax Matters

Abstract

Many taxpayers rely on their advisors to look after their tax affairs. In spite of this reliance, taxpayers still find themselves in default for the purposes of section 76(1) of the Income Tax Act and additional tax (referred to as a "penalty” by the judiciary) is imposed. This article examines whether the reliance by a taxpayer on his advisor, be it his accountant, bookkeeper or even a member of staff, can constitute a complete or partial defence to the imposition of additional tax in terms of section 76(1) or be regarded as an  "extenuating circumstance”  for the purposes of remission of additional tax in terms of section 76(2)(A).
 
Key words

Section 76(1) of the Income Tax Act , Remission of penalties , Extenuating circumstances , Reliance on advisors 
 
Click here to view full article

WHY REGISTER WITH SAIT?

Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.

MINIMUM REQUIREMENTS TO REGISTER

The Act requires that a minimum academic and practical requirments be set to register with a controlling body. Click here for the minimum requirements of SAIT.

Membership Management Software Powered by YourMembership  ::  Legal