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Thread: Tax computation for Closed corporation

  1. #1
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    Tax computation for Closed corporation

    Hi,

    For my one client, I need to prepare AFS to file tax return. I do the accounting. Now, I need to calculate tax.

    The client has closed corporation.

    Can you please guide how to calculate tax for fy 2015-16? What is tax rate for closed corporation? How can I adjust tax clearance?

    Can anyone please provide computation sheet or related link about how to compute tax for closed corporation as per south African tax law?

    Early response is appreciated as I need to submit by tomorrow.

    Thanks,

    Tannum

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    Hi Tannum

    A CC is taxed in the same way as a company, being at 28% on taxable income.
    It could be qualified as a SBC, in which case sliding tax scales will apply, but more info regarding the nature of the business and who owns it, is necessary.

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