Many times the question arise if a director of a company or a member of a close corporation is liable to submit provisional tax forms (IRP6’s) and pay provisional tax, only by virtue of the fact that he or she is a director or member. According to SARS the following applies.

Companies and close corporations are required to retain business records for a certain period, depending on legislation applicable and the nature of the records.

If your records do not adhere to the requirements of SARS you could face massive penalties, due to SARS doubting the validity of all your other deductions!