Corporate Income Tax (CIT), also known as a business tax, is a tax imposed on businesses incorporated under the laws of the Republic of South Africa and which derive income from within the Republic or through a branch or permanent establishment within the Republic.
Small Business Corporations are reminded of the legislative amendments pertaining to the “Gross Income” threshold and progressive tax rates. Read more here.
Who is it for?
CIT is applicable (but not limited) to the following businesses which are liable under the Income Tax Act, 1962 for the payment of tax on all income received by or accrued to them within a financial year:
Listed public companies
Unlisted public companies
Collective Investment Schemes
Small Business Corporation (s12E)
Share Block Companies
Public Benefit Companies.