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Income Tax Act, 1962 (Act 58 of 1962)

Paragraph 5 - Rates of normal tax - small business corporation

 

 

5. The rate of tax referred to in section 1(1) of this Act to be levied in respect of the taxable income of any company which qualifies as a small business corporation as defined in section 12E of the Income Tax Act, 1962, in respect of any year of assessment ending during the period of 12 months ending on 31 March 2013 is, subject to the provisions of paragraph 10, set out in the table below:

 

Taxable income

Rate of tax

Not exceeding R63 556

0 per cent of taxable income

Exceeding R63 556 but not exceeding R350 000

7 per cent of amount by which taxable income exceeds R63 556

Exceeding R350 000

R20 051 plus 28 per cent of amount by which taxable income exceeds R350 000