Sars representatives stressed the importance of registering businesses and being tax compliant to local youth business owners during the Ray Nkonyeni Municipality youth empowerment business expo held at the Port Shepstone Civic Centre.
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As one representative explained, having a business that is non-tax compliant could result in business owners losing out on business opportunities and not being taken seriously by sponsors and investors.
“No one wants to do business with you if you are non-compliant. It means you don’t take your business seriously and that you are irresponsible. Why would a municipality do business with someone who does not want to pay tax?”
The representative also explained what is needed by Sars when registering a business for tax returns, VAT, UIF, PAYE and SDL.
“If you are starting out and need to register as a company, you will have to contact the Company and Intellectual Property Commission (CIPC), formerly called Cipro. In the case where you are already registered as a company and you meet certain qualifying requirements, you may register as a small business corporation (SBC) in order to get additional tax incentives. One of the incentives for SBCs is reduced corporate tax rates,” the representative said.
The young business owners were also given opportunities to ask questions of other presenters who attended, including the National Youth Development Agency, Provincial Treasury Department and the Ingabadi Group.
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