South Africa Tax Agency Issues 2024-2025 Tax Guide for Small Businesses

The South African Revenue Service Aug. 26 issued the 2024-2025 tax guide for small businesses. Topics covered include: 1) general characteristics of different businesses, including sole proprietorships, partnerships, close corporations, private companies, and co-operatives; 2) conditions for deducting business expenses and losses; 3) a progressive income tax table for assessment years ending during the 12-month period ending Feb. 28, with rates from 18 percent for income up to 237,100 South African rand (US$13,410) to 45 percent for income exceeding 817,000 rand (US$46,313); 4) the 15 percent standard VAT rate for most supplies and imports, and the 15 percent withholding tax ...