The South African Revenue Service has published Public Notice 480, which provides that for persons that fail to submit returns (CbC report, Master File, Local file) by the deadline in accordance with Public Notice No. 1117 ({News-2017-10-16/A/2-previous coverage}) will be subject to a fixed penalty in accordance with section 210(1) and 211 of the Tax Administration Act, which includes penalties up to ZAR 16,000 per month of delay. In particular, the penalties apply to resident ultimate paren…