
Tax 101 for Large Corporates
For Large Corporates, paying tax is a complicated process that has to be taken every financial year. The tax specialists at Lugisani Mantsha Attorneys, with information from SARS have drafted an condensed article for those who wish to understand in layman’s terms how the tax system works for large companies.
Mandate
- To drive and promote compliance through excellent and professional service to our corporate taxpayers.
- To promote optimal voluntary compliance at the lowest cost to SARS and the corporate taxpayer through enhanced relations.
Criteria for taxpayers to be classified as large businesses:
- All companies which form part of a group of companies with consolidated group turnover in excess of R1 billion, except for Financial Services, Mining or Multinational companies with a group turnover in excess of R250 million.
- Assessing whether or not taxpayers meet the criteria will be conducted every 3 years.
Developments
Corporate Income Tax
Corporate Income Tax is a tax implemented on businesses resident, incorporated under the law and managed in the Republic of South Africa. The rate for Corporate Income Tax is 28%.