16 July 2021 – Companies can file their ITR14 tax returns
The eFiling pop up message for the filing of the Income Tax Return for companies (ITR14) for the 2021 year of assessment that intend to deregister with CIPC ONLY has been removed. SARS apologises for any inconvenience caused. A company must submit its ITR14 tax return within 12 months of its financial year-end. For more information, see the Guide on How to complete the Income Tax Return ITR14 for Companies.
- 13 April 2021 – CIT Audit letters
Corporate Income Tax (CIT) Audit Letters will now indicate actual dates for submission of relevant material. Failure to adhere to the stipulated deadlines may result in refunds being withheld or assessments being raised, see more here.
- 7 December 2020 – CIT changes implemented
The Guide was updated with the legislative changes i.e. How to complete the Income Tax Return (ITR14) for Companies.
- 30 November 2020 – Corporate Income Tax (CIT) Filing season important changes for 2020/21
SARS is in the process of updating the systems, forms and processes pertaining to the filing of Income Tax returns for companies. These changes will be implemented in a phased approach throughout the 2020 /21 period, read more.
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.
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:
- Listed public companies
- Unlisted public companies
- Private Companies
- Close Corporations
- 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 from the beginning of the year of assessment
- Second payment – on or before the last day of the year of assessment
- Third payment – seven months after the year of assessment for taxpayers with February year-end and six months after year of assessment for all other cases.
How should CIT be paid?
- Online Banking
- Electronic funds transfer
- Bank payments
- Swift payment method (applicable only to foreign payments).