The tax year for individuals is from 1 March to the 28th or 29th of February of the following year.
A tax year, on the other hand, differs from a typical calendar year, which runs from January to December.
The tax year is designated by the final year of operation, for example, the 2024 tax year begins on March 2023 and concludes February 2024.
The tax year of a company however is not limited to the above and can end on any given month.
The 2024 Budget Speech in South Africa has unveiled a series of fiscal measures and spending programs that aim to balance economic growth with fiscal responsibility. This year’s budget is particularly noteworthy given its proximity to the upcoming elections, a factor that seems to have influenced the government’s cautious approach to major tax changes. The
There has been a warning to taxpayers who fail to provide pertinent documentation in a timely manner to support their value-added tax (Vat) filings. Effective immediately, the South African Revenue Service (SARS) will start providing estimated assessments. After the estimated assessment is released, the Vat vendor will not be able to file a request for adjustment
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