Find out, if, when and what rates of income tax apply.
VAT is currently a tax of 15% on sales. VAT vendors registered in South Africa must charge output VAT on all sales they make in South Africa and may claim input VAT on certain money they had to spend to generate sales.
VAT registration is compulsory for any closed corporation, company, trust or sole proprietor whose turnover in any 12-month period is likely to exceed R1 million, or if they have signed a contract that will result in turnover of more than R1 million within 12 months. A business may voluntarily apply for VAT registration if its turnover exceeds R50 000 in a 12-month period.
A company submits a VAT201 return every month or every second month, depending on which VAT category SARS places them in when they register as a vendor.