ENTREPRENEURS need to continually be aware of their compliance status
because the South African Revenue Service (SARS) has overhauled the
system from one that relied on tax clearance certificates, to a tax
compliance system.
Previously a certificate was valid for 12 months and would be
assessed only once a year. Now it is a live system where compliance can
be checked anytime, and continually.
The changes were necessitated by loopholes in the system that enabled
people to regress on their tax compliance once they had received a tax
clearance certificate.
Pieter Faber, from the South African Institute of Chartered
Accountants, and Mark Kingon, from SARS, share important information on
changes to tax clearance certificates below.
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