NEW TAX SYSTEM FOR SMALL BUSINESS

In a bid to cut red tape and reduce the administrative burden on small businesses, the South African Revenue Service (Sars) has launched a new tax system that will dramatically lower the time and cost of submitting tax returns. Known as Turnover Tax, the innovative system is available to small businesses with a turnover of up to R1-million a year, replacing income tax, provisional tax, capital gains tax, secondary tax on companies and value added tax (VAT)."This initiative is in line with the government's broader mandate to encourage entrepreneurship and create an enabling environment for small businesses to survive and grow," Sars said in a statement this week.

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