SARS sharpens its focus on Trusts
28 September 2022
SARS is increasing its focus on Trusts through modernizing and improving service offerings to simplify compliance.
A current state analysis of tax compliance by Trusts shows that a significant number of beneficiaries of Trusts who have received distributions but have not submitted income tax returns. These beneficiaries consist of companies, individuals and Trusts who must submit their outstanding income tax returns immediately. Failure to remedy this non-compliance, SARS will invoke the provisions of the law which may include actions such as raising estimated assessments, imposition of interest and penalties as well as civil and criminal sanctions.
An interim online registration platform (SOQS) is available to assist and enable Trusts to register with SARS. This platform can be accessed via the following hyperlink: SARS Online Query (2.0.0.0 (Prod)).
Trust taxpayers and their beneficiaries may still regularize their tax affairs by making use of the SARS Voluntary Disclosure Program (VDP) which is available and accessible on the eFiling platform.
