LETTER: Reporting burden on SMMEs is too taxing
The requirement to submit various financial statements to the Sars puts already-stretched small businesses under pressure
23 November 2020 - 13:09
The National Treasury’s requirement for a one-man/small, medium-sized and micro enterprises (SMME) to submit the EMP201 forms every month must be amended. This requires an accountant to submit the forms, and accountants have to be paid. The requirement should be based on a minimum turnover.
The annual submission of financial statements to the SA Revenue Service (Sars) also requires an accountant. Why not also base this on turnover, rather requiring all SMMEs to comply? These are an additional burden on SMMEs, many of which are struggling to meet overheads...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.