- 1 September 2022 – Removal of the supplementary declaration for companies or close corporations (IT14SD) form 16 September 2022
From 16 September 2022 SARS will no longer require you to submit the Supplementary Declaration for Companies or Close Corporations (IT14SD) when identified for a verification.
The requirement to submit an IT14SD when a verification case is created will be replaced by a letter requesting specific relevant documents based on the reason for verification. For more information click here.
What is Corporate Income Tax?
Corporate Income Tax (CIT) is a tax imposed on companies resident in the Republic of South Africa i.e. incorporated under the laws of, or which are effectively managed in, the Republic, and which derive income from within or outside the Republic. Non-resident companies which operate through a branch or which have a permanent establishment within the Republic are subject to tax on all income from a source within the Republic. Read further if you want to know how to register a new company for income tax.
Who is it for?
CIT is applicable (but not limited) to the following companies 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:
- Public companies (“Ltd”)
- Private companies (”Pty (Ltd)”)
- State owned companies (“SOC”)
- Personal Liability Company (“Inc”)
- Non profit company
- Close Corporations (“CC”)
- Collective Investment Schemes
- Small Business Corporation (s12E)
- Body Corporates
- Share Block Companies
- Dormant Companies
- Public Benefit Companies.
What steps must I take?
Top Tip: You must make sure your business details are up to date before you submit your ITR14. So visit our keeping my business details up to date webpage to find out how to do this.
Returns can be submitted electronically via e-filing.
Top Tip: When submitting your return you will need to give the SIC code for your business. To find out your relevant code please click here.
When should CIT be paid?
- First payment – within six months after the start of the year of assessment
- Second payment – on or before the last day of the year of assessment
- Third payment – six months after the end of the year of assessment (for taxpayers with a February year-end it is seven months after the end of the year, i.e. 30 September annually.
How should CIT be paid?
- Online Banking
- Electronic funds transfer
- Bank payments
- Swift payment method (applicable only to foreign payments).
FTW01 – Declaration of Foreign Tax Withheld – External (Form)
GEN-001 – Mining Schedule – External Form
GEN-ACM-12-F04 – Richemont Claim Form for year 2019 onward – External Form
ICS01 – Schedule for Insurance Companies – External Form
IT-ELEC-03-G01 – How to complete the company Income Tax return ITR14 eFiling – External Guide
IT-GEN-04-G01 – How to complete the Income Tax Return ITR14 for Companies – External Guide
IT10A – Controlled Foreign Company Prior 2012 – External Form
IT10B – Schedule Controlled Foreign Company 2012 Onward – External Form
IT14SD – Example of Supplementary Declaration for Company or CC – External Form
IT77C – Application for registration Company – External form
LAPD-CGT-G07 – Briefing Note on Standard Time Apportionment Calculator
LAPD-ETI-G01 – Guide to the Employment Tax Incentive
LAPD-Gen-G02 – Guide for Tax Rates Duties Levies
LAPD-Gen-G08 – Guide on the Taxation of Professional Sports Clubs and Players
LAPD-IT-G12 – Guide to the Urban Development Zone Allowance
LAPD-IT-G16 – Basic Guide to Income Tax for Public Benefit Organisations
LAPD-IT-G19 – Comprehensive Guide to Dividends Tax
LAPD-IT-G20 – Guide to the Taxation of Special Trusts
LAPD-IT-G24 – Guide on Mutual Agreement Procedures
LAPD-IT-G25 – Guide to the Exemption from normal tax of income from films
LAPD-IT-G27 – Tax Exemption Guide for Recreational Clubs
LAPD-STC-G01 – Comprehensive Guide to Secondary Tax on Companies
LAPD-TAdm-G13 – Reportable Arrangement Guide
Legal-Pub-Guide-Gen01 – Taxation in South Africa
Legal-Pub-Guide-IT17 – Basic Guide to Section 18A Approval
Legal-Pub-Guide-IT26 – Tax Exemption Guide for Public Benefit Organisations in South Africa
RA01 – Reporting Reportable Arrangements – External Form
RCH01 – Schedule for Companies Electing to be a Headquarter Company – External Form
VCC001 – Venture Capital Company Application Form – External Form