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Corporate Income Tax

Who is it for?

Corporate Income Tax (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”)
  • Co-operatives
  • Collective Investment Schemes
  • Small Business Corporation (s12E)
  • Body Corporates
  • Share Block Companies
  • Dormant Companies
  • Public Benefit Companies.

What steps must I take?

Register as taxpayer

Every business liable to taxation, under the Income Tax Act, 1962, is required to register with SARS as a taxpayer.  You can register once for all different tax types using the client information system.

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.

Submit annual tax return

For the year of assessment, the filing requirements are as follows:

  • Every company or other juristic person, which is a resident that:-
    • derived gross income of more than R1 000
    • held assets with a cost of more than R1 000 or had liabilities of more than R1 000 at any time during the 2022 year of assessment
    • derived any capital gain or capital loss of more than R1 000 from the disposal of an asset to which the Eight Schedule of the Income Tax Act applies, or
    • had taxable income, taxable turnover, an assessed loss or an assessed capital loss must submit a return,

Returns can be submitted electronically via eFiling.

Submit provisional tax returns

In addition to annual returns, every company (excluding Body Corporates, Share Block Companies and Public Benefit Companies) is required to submit provisional tax returns (IRP6). The first of these returns is required to be submitted six months from the start of the year, and the second at year end, and must both contain an estimate of the total taxable income earned or to be earned for the full year. Payment of the tax must accompany the return. A third “top-up” payment may be made six months after year-end.

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?

Provisional Tax
  • 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.
Tax on Assessment
Payment of tax upon an assessment notice issued by SARS must be done within the period specified in such notice.
 


How should CIT be paid?

Payments can be made using the following options:
  • Online Banking
  • Electronic funds transfer
  • Bank payments
  • eFiling
  • Swift payment method (applicable only to foreign payments).
Note: Please refer to the guide on SARS Payment Rules for more information on the above methods of payment.
Related Documents

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-Guide-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-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-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-Gen02 – Guide for Tax Rates Duties Levies

Legal-Pub-Guide-IT17 – Basic Guide to Section 18A Approval

Legal-Pub-Guide-IT26 – Tax Exemption Guide for Public Benefit Organisations in South Africa

Legal-Pub-Guide-IT36 – Guide to Section 18A Approval of a Department in the National Provincial and Local Sphere of Government

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

Frequently Asked Questions

Table of Contents

Last Updated:

  • 17/07/2024
  • 08:55
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