Is PBO approval important for South African non-profits?
Is PBO approval important for South African non-profits? Over the years of consulting in the non-profit sector, we have frequently encountered organisations which have never applied for PBO approval or income tax exemption with SARS. The reasons provided for not having done so are often based on false beliefs such as: All non-profits are automatically […]
Light bulb moment #3: SARS returns and penalties – serious business!!
SARS returns and penalties – serious business!! Why must a public benefit organisation (“PBO”) approved for income tax exemption submit an annual income tax return (IT12EI) if it has no tax liability? The SARS response to this question is that “[t]he income tax return enables the Commissioner to assess whether the organisation approved as a […]
