SECONDARY TAX ON COMPANIES
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DIVIDENDS TAX
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Payment date
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End of month following month wherein cycle ends
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End of month following month wherein the Dividends Tax is triggered
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Returns
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To accompany payments of tax only
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To be submitted in respect of all dividend payments and receipts (where the recipient is exempt)
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Failure to withhold / pay
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Remains company’s liability
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Could become liability of “person” who failed to withhold / pay
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Personal liability
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No specific provision
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Unlisted companies: the person who controls / regularly involved in financial affairs & shareholder / director is personally liable for tax, additional tax, penalty and interest for which the company or RI is liable |
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Estimated assessments
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Yes
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Yes |
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Failure to pay on time
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Interest accrues on a daily basis
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Interest accrues on a daily basis |
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Assessment & Recovery of tax
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Provisions re assessment & recovery of normal tax & additional tax apply
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Provisions re assessment & recovery of tax & administrative penalties apply
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Refunds
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Normal refund provisions (section 102) applied to refunds claimed from SARS
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Withholdings by company to be refunded from: •Future withholdings by company (one year) •Excess to be claimed from SARS (after oneyear) •Claims to be made within three to four years of dividend payment date Withholdings by RI to be refunded from: •Future withholdings by RI (any withholding) •No recovery from SARS possible |