n Tax Breaks Newsletter - Personal liability for employees' tax and VAT
|Article Title||Personal liability for employees' tax and VAT|
|© Publisher:||Moneyweb (Pty) Ltd|
|Journal||Tax Breaks Newsletter|
|Publication Date||Sep 2006|
Extracted from text ... 8 September 2006 Moneyweb's TAX BREAKS a short while ago. PERSONAL LIABILITY FOR EMPLOYEES' TAX AND VAT FINANCIAL managers should be aware that they could be held personally liable for employees' tax and VAT. This is in terms of paragraph 11(2C) of the Fourth Schedule to the Income Tax Act (which was added with effect from 1 March 2004), which reads: "where an employer is a company, every shareholder and director who controls or is regularly involved in the management of the company's overall financial affairs shall be personally liable for the employees' tax, additional tax, penalty or interest ..
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