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Income Tax Act, 1962 (Act 58 of 1962)

Paragraph 6 - Rates of normal tax - micro business

 

 

6. The rate of tax referred to in section 1(2) of this Act to be levied in respect of the taxable turnover of a person that is a registered micro business as defined in paragraph 1 of the Sixth Schedule to 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 set out in the table below:

 

Taxable turnover

Rate of tax

Not exceeding R150 000

0 per cent of taxable turnover

Exceeding R150 000 but not exceeding R300 000

1 per cent of amount by which taxable turnover exceeds R150 000

Exceeding R300 000 but not exceeding R500 000

R1 500 plus 2 per cent of amount by which taxable turnover exceeds R300 000

Exceeding R500 000 but not exceeding R750 000

R5 500 plus 4 per cent of amount by which taxable turnover exceeds R500 000

Exceeding R750 000

R15 500 plus 6 per cent of amount by which taxable turnover exceeds R750 000