Changes to Corporate Income Tax in South Africa are taking effect from 23 June 2023.
The South African Revenue Service has introduced system-wide changes for Corporate Income Tax which take effect from Friday, 23 June 2023. The changes relate directly to the Income Tax Return for Companies and the Notice of Assessment for Companies .“As legislation, regulations and tax law are continuously changing and evolving, it is of utmost importance for companies and tax practitioners to keep abreast of such changes so that companies continue to meet their tax obligations,” SARS said.
Removal of the Solidarity Fund Donations container on the ITR14 to align with the new Section 18A requirements. A Share Register will be added to the ITR14 return, which will enable the capturing of the classes of shares, and the details of the holders of shares per class of share. “For the years of assessment ending on 31 March 2023 and later, the rate of Corporate Income Tax payable is 27% ,” said SARS.
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