Income tax is a tax that you pay on the amount of money that you make, that is deemed taxable by SARS. This income could be: Remuneration (income from employment), such as, salaries, wages, bonuses, overtime pay, taxable (fringe) benefits, allowances and certain lump sum benefits Profits or losses from a business or trade Income or profits arising from an individual being a beneficiary of a trust Director’s fees Investment income, such as interest and foreign dividends Rental income or losses Income from royalties Annuities Pension income Certain capital gains You are liable to pay income tax if you earn more than: R78 [...]
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By introducing the Extensible Business Reporting Language (XBRL), the Companies and Intellectual Property Commission(CIPC) significantly simplified financial reporting. XBRL is a digital financial reporting solution that allows companies to digitally file yearly financial statements that can then be shared across the regulatory spectrum for multiple purposes. These can also be analysed for trends and the like, far more deeply than is possible with PDFs. Having financial statements in an XBRL format means the Department of Trade and Industry (DTI), through CIPC, can use the data, share it, and also analyse it on a clearly defined digital platform. In keeping with global [...]