CAPE TOWN: The South African Revenue Service has issued its 2014-15 tax guide.It is an” official publication,” which provides general information on income tax, value-added tax, capital gains tax, and other taxes, duties, levies, and contributions.
The Guide explains the tax laws and some other statutory obligations that apply to small businesses. It describes some of the forms of business entities in South Africa – sole proprietorships, partnerships, close corporations, and private companies – and explains in general terms the tax responsibilities of each.It also contains general information, such as on registration, record-keeping, relief measures for small business corporations, and how net profit or loss, taxable income, and assessed loss are determined.
