Dear Valued Stakeholders
On behalf of Messieurs Mark Kingon (Head: Legal Leverage Products, RCB & Operational Forum Chair) and Vernon Naidu (Head: Professional and Corporate Bodies), please note that an additional administrative penalty has recently been imposed in respect of trusts. While the ongoing filing non-compliance of trusts remains a concern, SARS is reversing this penalty along with the earlier administrative penalties previously raised in respect of trusts.
To confirm that the penalties have been removed, your members must access the Penalty Statement of Account on eFiling. SARS does intend to meet with you in the coming week to discuss the processes followed and address how we work with you to address the low levels of compliance in the trust arena going forward.
With warm regards
