Company Registration at CIPC, SARS, COID, CUSTOMS, CIDB & More
Get Compliant from Anywhere, Easy and Fast!
The South African Revenue Service has recently launched a new and exciting ITR14 return. This was done in order to aid in the modernization of Corporate Income Tax. This also plays a part in the improvement of efficiency and compliance within SARS. Small businesses should remember of the legislative amendments regarding the ‘Gross Income’ threshold and progressive tax rates.
Corporate Income Tax is applicable to the business that will be mentioned below, but is not restricted to them. The Income Tax Act of 1962 included these types of companies to pay income tax on all the income that they have generated in a financial year.
Corporate income tax for these companies include:
How to get registered for Corporate Income Tax
The first step will be to get your company registered as a taxpayer. Every business that is liable to taxation under the Income Tax Law of 1962, is required to be registered with SARS as an income tax payer.
Next, you will have to submit your annual tax return. Every registered tax payer, a person or a company, is required to submit a return of income. This should be done 12 months after each financial year. A company can submit their filing electronically via SARS’s e-filing or manually at a SARS branch.
You are also liable to submit provisional tax returns. There payments are to be made every six months. This must also contain estimate figures of the total revenue earned for that period. When you submit your return, you will also be required to give the SIC code for your business. This code can be obtained on SARS’s website.
Before you submit your ITR14, you should ensure that your company’s details are up to date.
When should you pay your Corporate Income Tax
Provisional tax is to be paid in accordance with the following framework of terms:
SARS have made multiple methods available to their customers to make their payments of income tax. These methods include:
Nobody wants to pay taxes on their hard owned money, but in the end it is better to pay it and to get it over with. Do not try and avoid paying taxes, it will only result in major problems for your company. Do the right thing. Have your company registered and pay your taxes.
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