In the current economic climate many cash-strapped businesses find themselves unable to pay their outstanding tax debt to SARS.
Some try to put the problem on hold by not submitting a tax return, but according to Ian McAlister, General Manager of CRS Technologies, not only are the penalties for doing this severe and the interest charges really high, it’s also illegal.
“CRS has recently encountered new clients who’ve fallen foul of SARS through inadequate legislation and compliance assistance from their payroll supplier. Our solution was to forge an alliance with Tax Debt Compliance which offers a range of tax relief mechanisms that quickly puts the company back on track. Thereafter the way forward is painless.”
The tax relief mechanisms include:
- Negotiation of affordable instalment agreements with SARS on behalf of the business;
- Compromise applications to SARS which, if approved, will enable the business to settle tax debt at a reduced amount;
- Tax due diligences to ensure compliance with South African tax legislation;
- Formulation of tax opinions for businesses considering entering into complex transactions that could hold significant tax consequences.
“The team at Tax Debt Compliance have many years of experience in this field,” McAlister continues. “To date, the company boasts a 100 per cent success rate in which it has helped numerous clients retain their assets and maintain their business operations.
“Companies can now focus on running their business with the peace of mind that their legislation, compliance and tax issues are in the capable hands of CRS Technologies and Tax Debt Compliance,” he concludes.
For more information, visit the CRS website at: https://www.crs.co.za/