Did you think that after 3 years you were protected from SARS’ prying eyes?
The 2013 Draft Tax Administration Laws Amendment Bill (“the Bill”) provides for an additional circumstance where the period of prescription can be extended. It proposes to provide for the extension of the prescription periods where “a taxpayer without just cause fails to submit relevant material requested by SARS for purposes of verification, inspection or audit … commencing on the day that the relevant material was required to be submitted and ending on the day that the taxpayer submits the relevant material.”
This new proposed provision places an additional burden on taxpayers to provide information to SARS when requested and on time; and may have the effect of weakening the important defence for a taxpayer which prescription presents.
Let us help you meet your tax administration requirements so that you do not unknowingly fall foul of the new Tax regime.