25
May
Tax penalties: Understatement penalties in the tax administration act
The Tax Administration Act, 28 of 2011, introduced the notion of ‘understatement penalties’ which are levied on a percentage based method. The penalties are levied depending on which behaviour is exhibited by the taxpayer, to be classified in terms of the below table contained in section 223(1): 1 2 3 4 5 6 Item BehaviourRead more about Tax penalties: Understatement penalties in the tax administration act[…]