The tax amnesty for small businesses — as promulgated by the President on July 25 this year and contained in the Small Business Tax Amnesty and Amendment of Taxation Laws Act — takes effect on Tuesday.
The amnesty will introduce a window of opportunity to a wide spectrum of small businesses in South Africa to regularise their tax affairs.
The South African Revenue Service (Sars) will administer the amnesty, which will run until May 31 2007. Sars will have a dedicated small business amnesty call centre in operation to assist taxpayers.
Sars says the amnesty is aimed at broadening the tax base, facilitating the normalisation of the tax affairs of small businesses, increasing and improving the tax compliance culture and facilitating participation in the taxi-recapitalisation programme. — I-Net Bridge