SARS Publishes Tax Guide for Small Businesses

SARS has published a tax guide for small businesses. The guide contains information about the tax laws and some other statutory obligations applying to small businesses. It describes some of the forms of business entities in South Africa, namely sole proprietorships, partnerships, CCs, and private companies.

It also contains general information, such as registration, aspects of record-keeping, relief measures for SBCs, and how the net profit or loss and taxable income or assessed loss of a small business is determined.

The guide illustrates some of the specific tax considerations for the different types of business entities. Furthermore, it contains information on some of the other taxes that may be payable in addition to income tax (click to see)

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