Sipho and his accountant are being dishonest, they are misrepresenting the financial and tax affairs of the business because Sipho’s business has been trading for at least 18 months and was awarded 2 projects. Filing “zeros” is a criminal offense (tax evasion) and Sipho (as well as the business) runs the risk of being found in trouble with the law. Should SARS audit Sipho’s business it can be penalised as much as 200% of the amount owed or up to 2 years imprisonment.
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