Euphonik’s record label owes SARS R 10m
DJ Euphonik’s record label, Euphonik Productions, owes SARS nearly R10 million in unpaid taxes.
Euphonik Productions, record label of house music maestro Euphonik, is in serious trouble with SARS, owing the taxman R9,888,396.84 in unpaid taxes.
Now SARS has been forced to drag Euphonik Productions to the high court in Joburg after the company failed to settle R4-million of the R9.8-million bill owed.
Tax bill break-down:
According to court papers seen by Sunday World, Euphonik Productions owes SARS more than:
- R317,000 in employees tax.
- R130,000 in unemployment insurance fund contributions.
- R150,000 in unpaid skills development levies.
- 6-million in unpaid income tax.
- 3-million in unpaid value added tax.
These amounts include penalties and interest racked up over the period of non-payment.
The court papers also show that SARS was forced to take the matter to court after Euphonik Productions ignored a final letter of demand sent in August.
In the letter of demand, SARS even gives them advice on how best to proceed, advising them to pay the debt off in installments, obtain a third-party loan, or apply for a reduction of the amount owed if it is experiencing financial hardships.
However, Euphonik Productions continued to ignore SARS. The ostrich mentality won’t work in this case, pal- the taxman never forgets. Not paying tax debt can lead to a civil judgment and warrant of execution to sell its assets.
The former 5FM DJ has always been open about his wealth- fleet of luxury cars, real estate- well sorry to say but you can kiss it all goodbye if you continue to ignore this.
Euphonik’s record label has been taken to court, the results of which are still in development.