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On 24 May 2023, the South African Revenue Service (SARS) released Interpretation Note 129 (IN129), which provides clarity on the interpretation and application of the phrase “maximum tax rate applicable to the taxpayer” in section 222(5) of the Tax Administration Act 28 of 2011 (“TAA”). This is specific to when the applicable tax rate to the shortfall of payment of tax, by a taxpayer, as a result from an understatement of their tax liability is applied under subsections (3) and (4).   SARS stated in IN129 that the main purpose of the understatement penalty regime, which aims at ensuring consistent and equal treatment of taxpayers in comparable circumstances, is to deter behaviours that result in non-compliant reporting. 

South africaSouth africanEdward kieswetterCyril ramaphosaUnemployment insurance fundSkills development levyDisclosure programmeAfrican revenue serviceTax administrationSouth african revenue serviceInterpretation noteTax administration actPresident cyril ramaphosaPresident ramaphosaCommissioner kieswetterState president