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How Much Is the Fine for Late VAT Return?

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How Much Is the Fine for Late VAT Return?

Late submission of VAT returns can result in financial penalties, which vary based on certain factors. This guide explores the penalties for late VAT return submissions in South Africa, how late payment interest and penalties are calculated, the process of appealing a late VAT payment, and the latest date for submitting a VAT return.

How Much Is the Fine for a Late VAT Return?

In South Africa, late VAT returns now incur a monthly penalty of at least R250 per outstanding return as of the latest update in May 2023. The penalty can reach up to R2,000 per outstanding return per month, meaning a potential R4,000 in penalties monthly. Before this change, there was no specific penalty for late VAT submissions, but a 10% penalty was applied for late VAT payments. In certain cases, SARS may also impose a 10% penalty on the VAT liability immediately.

What Is the Penalty for Late VAT Submission?

Late submission of VAT returns in South Africa can result in penalties. As of the information available, no penalty is imposed for the late submission of a VAT return. Nevertheless, a 10% surcharge is enforced for delayed VAT payments. If you miss the VAT deadline, you will incur a 10 percent penalty on the overdue sum. It’s crucial to stay informed that these details might undergo modifications. Therefore, it’s recommended to cross-check the latest guidelines from the South African Revenue Service or consult with a tax specialist for the most recent updates.

How Do You Calculate VAT Late Payment Interest and Penalty?

Calculating VAT late payment interest and penalties in South Africa is essential to avoid unnecessary financial repercussions. Below is a general guideline on how these charges are typically calculated:

  1. Late Payment Penalty: As mentioned earlier, a 10% penalty is imposed for late VAT payment. This penalty is calculated based on the outstanding VAT not paid by the due date.
  2. Late Payment Interest: Besides the penalty, late payment interest may also be applied. The interest is calculated on the outstanding VAT amount from the due date until the payment date. The interest rate can vary and is typically set by the South African Revenue Service.

It’s important to stay current with the specific interest rates and penalty calculations, as they may change over time. You can find this information on the official SARS website or consult a tax advisor for the most accurate and current details.

How Do I Appeal a Late VAT Payment?

If you believe you have been unfairly penalized for a late VAT payment in South Africa, you can appeal. Here are the general steps to follow when appealing a late VAT payment:

  1. Contact SARS: Begin by contacting the South African Revenue Service. You can approach them directly by visiting their offices, dialing their helpline, or utilizing their user-friendly online services. Ensure you furnish them with all the pertinent details concerning your situation.
  2. Lodge an Appeal: SARS will provide you with step-by-step instructions on how to initiate the appeal process. This may involve completing a formal appeal form or providing supporting documents.
  3. Review and Response: SARS will review your appeal and respond with a decision. They may demand extra info or explanation during this analysis and response process.
  4. Decision: Once your appeal is reviewed, SARS will make a decision. In a successful appeal, the penalties and interest could be reduced or even waived entirely. However, if the appeal doesn’t yield the desired result, fulfilling the assessed penalties and interest is crucial.
  5. Legal Recourse: Should you find the outcome of the appeal unsatisfactory, you can seek legal advice or explore other legal avenues available.

Adherence to the outlined procedures by SARS for appeals and the provision of comprehensive documentation to bolster your case is essential. Also, consult a tax professional if you encounter challenges during appeals.

What Is the Latest Date For VAT Return Submission?

Your specific tax period determines the deadline for submitting VAT returns in South Africa. Businesses commonly submit their VAT returns monthly or every two months. The tariff submission time frame is usually highlighted as the last working day of the coming month after the end of the tariff period.

It’s always advisable to verify the specific deadline for your VAT return with SARS, as they might differ based on your business and the applicable time frame. Late submission of VAT returns can lead to penalties, so knowing your specific filing deadlines and ensuring compliance with SARS regulations is crucial.

In conclusion, the penalty for late VAT submission in South Africa is a 10% penalty on the late payment of VAT. Late payment interest may also apply, and the calculation is based on the outstanding VAT amount. To appeal a late VAT payment, follow the procedures the South African Revenue Service sets. It’s essential to know the deadline for submitting your VAT return, as it varies based on your tax period. Staying informed about the latest regulations and seeking professional advice when needed is crucial to avoid penalties and ensure compliance with South African tax laws.

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FNB: Graduate Internships 2024

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FNB: Graduate Internships 2024

First National Bank (FNB) invites South African unemployed graduates Internship Programme 2023 / 2024.

Internship Application Closing Date: 22 January 2024

Internship Location: Johannesburg, Gauteng

Role Purpose: To participate in on the job training by attending meetings, shadowing staff members and researching information to be used in reports to gain practical experience in the business

Responsibilities

  • Deliver exceptional service that exceeds customers’ expectations through proactive, innovative and appropriate solutions
  • Provision of an efficient execution of role responsibilities through careful and timeous planning, reporting and updating of all related information in the relevant role of learning
  • Participate in the innovation process in the business and contribute toward new innovations against objectives
  • Participation in knowledge sharing and projects to maximise skills required for the role and relevant career exploration by executing all activities required to be efficient and successful
  • Manage graduate development plan by completion of training assignments
  • Manage graduate development plan to increase own competencies and skills by attendance of training
  • Manage own development to increase own competencies
  • Live the values of the business through demonstrating and displaying of the values required in the business

Required Qualifications:

Recent Graduates / Final year University degrees in:

  • Commerce (Accounting, Business Management, Finance, Economics etc),
  • Actuarial Science,
  • Maths,
  • Statistics,
  • Engineering,
  • Marketing,
  • HR,
  • Industrial Psychology,
  • Information Systems,
  • Computer Science,
  • This is not an exhaustive list of degrees

How to Apply

Apply Online for the FNB: Graduate Internship Programme 2024

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Eskom: Graduate In Training Internships 2024

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Eskom: Graduate In Training Internships 2024

Eskom invites South African unemployed graduates to apply for Graduate-In-Training Internship Programme 2024.

Internship Location: Western Cape, South Africa

Internship Closing Date: 12 January 2024

Business Integration & Performance Management (BIPM)

Minimum Requirements
•B Degree in Industrial Engineering/Data Science/ Commerce/Information Technology/Information Management/ Engineering

Skills and Competencies
Good communication skills
• Have the ability to understand technical concept
• Be safety conscious
• Have conscientious and self-discipline approach
• Be responsible and committed
• Have emotional resilience
• Have the ability to perform physical work
• Positive attitude
• Be able to work as part of a team

Property Management

Minimum Requirements
•B Degree in Property Management/Real Estate/Electrical/Mechanical

Skills and Competencies
Good communication skills
• Have the ability to understand technical concept
• Be safety conscious
• Have conscientious and self-discipline approach
• Be responsible and committed
• Have emotional resilience
• Have the ability to perform physical work
• Positive attitude
• Be able to work as part of a team

How to apply

Clcik here to apply for Business Integration & Performance Management (BIPM) Internships

Click here to apply for Property Management Internships

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iStore: Business Graduates Internships 2024

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iStore: Business Graduates Internships 2024

iStore invites unemployed graduates to apply for Business Graduates Internship Programme 2024.

Internship Location: SandtonGauteng, South Africa

Internship Closing Date: Not specified

Join the iStore Graduate Entrepreneurial Program 

Are you a talented, ambitious, and innovative individual with a passion for technology and entrepreneurship? iStore is on the lookout for dynamic individuals like you to become part of our fast-growing company! Whether you have prior work experience or not, we welcome you to embark on an exciting journey with us.

About iStore:

At iStore, we are constantly seeking “What’s Next” – the next big idea, the next challenge, and the next opportunity to disrupt the norm. We are committed to making not only iStore but also the world a better place through innovation. As part of our Graduate Programme, you will have the chance to work on cutting-edge projects and contribute to shaping the future.

Why Choose iStore:

  • Leadership and Mentorship: Join our diverse teams and benefit from the guidance of experienced leaders who will help you navigate the multifaceted challenges and opportunities unique to iStore and other tech brands.
  • Hands-On Learning: No prior experience in our respective sectors is required. We believe in learning by doing, and you will receive on-the-job training to equip you with the skills needed to excel.

About Us:

Working at iStore’s head office (Core Group) is more than just a job; it’s a chance to build a career where your aspirations matter. Your voice will be heard, your ideas celebrated, and your potential nurtured. By joining us, you become an integral part of our progressive organization, shaping the future of some of the world’s most iconic brands.

Why Join Us:

  • Endless Possibilities: Experience the vast possibilities that only one of the best consumer electronics leaders can offer. Every project, brand, and initiative you work on will have a positive impact.

About You:

  • Educational Qualifications: A tertiary or postgraduate qualification would be advantageous.
  • South African Citizen: We welcome applications from South African citizens.
  • 1-2 Years of Experience: While experience is beneficial, it is not a requirement. We value your potential and your willingness to learn and grow with us.

If you’re ready to unleash your entrepreneurial spirit, drive innovation, and shape the future of technology, we encourage you to apply for the iStore Graduate Entrepreneurial Program today!

How to apply

Click here to apply online

iStore invites unemployed graduates to apply for Business Graduates Internship Programme 2024.

Internship Location: SandtonGauteng, South Africa

Internship Closing Date: Not specified

Join the iStore Graduate Entrepreneurial Program 

Are you a talented, ambitious, and innovative individual with a passion for technology and entrepreneurship? iStore is on the lookout for dynamic individuals like you to become part of our fast-growing company! Whether you have prior work experience or not, we welcome you to embark on an exciting journey with us.

About iStore:

At iStore, we are constantly seeking “What’s Next” – the next big idea, the next challenge, and the next opportunity to disrupt the norm. We are committed to making not only iStore but also the world a better place through innovation. As part of our Graduate Programme, you will have the chance to work on cutting-edge projects and contribute to shaping the future.

Why Choose iStore:

  • Leadership and Mentorship: Join our diverse teams and benefit from the guidance of experienced leaders who will help you navigate the multifaceted challenges and opportunities unique to iStore and other tech brands.
  • Hands-On Learning: No prior experience in our respective sectors is required. We believe in learning by doing, and you will receive on-the-job training to equip you with the skills needed to excel.

About Us:

Working at iStore’s head office (Core Group) is more than just a job; it’s a chance to build a career where your aspirations matter. Your voice will be heard, your ideas celebrated, and your potential nurtured. By joining us, you become an integral part of our progressive organization, shaping the future of some of the world’s most iconic brands.

Why Join Us:

  • Endless Possibilities: Experience the vast possibilities that only one of the best consumer electronics leaders can offer. Every project, brand, and initiative you work on will have a positive impact.

About You:

  • Educational Qualifications: A tertiary or postgraduate qualification would be advantageous.
  • South African Citizen: We welcome applications from South African citizens.
  • 1-2 Years of Experience: While experience is beneficial, it is not a requirement. We value your potential and your willingness to learn and grow with us.

If you’re ready to unleash your entrepreneurial spirit, drive innovation, and shape the future of technology, we encourage you to apply for the iStore Graduate Entrepreneurial Program today!

How to apply

Click here to apply online

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