Private company tax debt

What should you do when you receive a final demand.

When you receive a final demand from SARS with regards to outstanding tax debt, you have 3 options.

1. Pay the tax debt

Firstly, if you have the funds, you can pay SARS and send them a proof of payment to ensure the money is allocated correctly.

2. Payment arrangement

If you do not have the funds to pay the total outstanding balance in one payment, it is possible to make a payment arrangement. Arrangements up to 12 months can be made on eFiling. If you need more time, you can manually apply for an arrangement at SARS. In order to apply for a payment arrangement, all tax returns should be up to date.

3. Tax debt compromise

If you don’t have the funds or possible future means to pay the outstanding debt, a compromise can be reached with SARS. If approved, this means that only a portion of the debt is paid, and the balance is written off. In order for a successful compromise, all the company’s tax returns should be up to date. A CIS form should be submitted at SARS to apply for a compromise.

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tax debt - final demand

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