The South African Revenue Service (SARS) is the organisation responsible for collecting the revenue and imposing taxes in South Africa. It is a government department under the Finance Minister of South Africa.
There are different types of income tax that are imposed on individuals, companies, trusts, and partnerships in South Africa. For example, income tax rates for individuals vary between 15% and 45%. There are also different rates for companies depending on their type of business activity.
How Do I Pay Income Tax in South Africa?
The South African Income Tax Act is the law that sets the rules for how to pay income tax in South Africa. It applies to all individuals and companies.
Income tax is a type of tax that is levied on an individual’s or company’s income, profits, gains, and other flows of wealth. It is usually imposed on all citizens and residents of a particular country, but it may also apply to non-residents present in the country for a certain period. The amount of income tax that an individual or company has paid is called the taxpayer’s total income tax liability.
The total taxable income for individuals in South Africa ranges from R1 000 to R2 million per year depending on their age and marital status. For companies, taxable income varies from R250 000 to R5 million per year depending on their size.
How do I pay my taxes in South Africa?
There are two ways you can pay your taxes: paying your taxes through a bank
Customs payments can also be made at any SARS Customs office
