What is Corporate Income Tax?
Corporate Income Tax (CIT), also known as a business tax, is a tax imposed on businesses incorporated under the laws of the Republic of South Africa and which derive income from within the Republic or through a branch or permanent establishment within the Republic.
CIT is applicable (but not limited) to the following businesses 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:
- Listed public companies
- Unlisted public companies
- Private Companies
- Close Corporations
- Co-operatives
- Collective Investment Schemes
- Small Business Corporation (s12E)
- Body Corporates
- Share Block Companies
- Dormant Companies
- Public Benefit Companies.