Monday, May 18, 2009

Register my Close Corporation for Tax

The CC that I have established is of course a taxable entity, and so I had to register it with the South African Revenue Service (SARS). There were 2 options open to me:
  1. Register the Close Corporation for income tax.
  2. Register for Turnover Tax
Turnover tax is a really innovative system to simplify returns for SMBs who are filing multiple returns a year especially if you are also VAT registered. My new business will have no employees and will not be registered for VAT, so normal tax registration will do me fine and not make my life any more complicated.

I had to complete for form IT/IB 77C (IT 77C) and fax it through to SARS with my CIPRO registration and a copy of my ID.

The final step of the tax thing is that I now need to register as a provisional taxpayer, as I am a member of a CC, sheesh all these forms to fill out with little blocks!

No comments:

Post a Comment

Post a Comment