All statutory reporting

By: Care Solutions  06-24-2010
Keywords: Accounting, Accounting & Bookkeeping Services, Accounting & Bookkeeping

Value Added Tax (VAT) is levied at a standard rate of 14% on all goods and services subject to certain exemptions, exceptions, deductions and adjustments provided for in the VAT Act 89 of 1991, as amended.

Small-business corporations (those with an annual turnover of less than R14-million) benefit from a graduated tax rate of 0% on the first R43 000 taxable income, 10% from R43 001 to R300 000 taxable income and R25 700 + 29% in excess of R300 001 taxable income, and can write off certain investment expenditure in the year in which it is incurred.

The Skills Development Levy is a compulsory levy scheme for the funding of education and training.

In terms of the Income Tax Act 58 of 1962, employers are required to:

Deduct the correct amount of tax from employees;

Pay those amounts to SARS; and

Declare such amounts paid to SARS on a Monthly Employer Declaration form (EMP201).

Contributions to the UI fund are the compulsory contributions payable in terms of the UIC Act to fund

the benefits available to workers in terms of the UI Act. With effect from 1 April 2002, contributions

collected by SARS are transferred to the UI Fund which is administered by the UI Commissioner.

Keywords: Accounting, Accounting & Bookkeeping, Accounting & Bookkeeping Services