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 2023 tax year begins on March 2022 and concludes February 2023.
The tax year of a company however is not limited to the above and can end on any given month.
Companies now have new reporting obligations for “beneficial ownership” Recent announcements on the amendments to the Companies Act 71 of 2008 regarding beneficial ownership were made by the Companies and Intellectual Property Commission (CIPC). Part of the revisions requires that corporations file and update Beneficial Ownership information as and when necessary, giving the CIPC the
Trust and PBO reporting requirements are now official. Public benefit organizations (PBOs) and Trusts, but not solar panel installers, are now included on the final list of third-party data providers required to transmit taxpayer information to the South African Revenue Service (Sars). Trusts and PBOs are permitted to report for the first round voluntarily in
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