Q: Kindly explain the
process to change a company's normal income tax to a turnover tax?
A: A company or individual can
apply to be taxed on the turnover tax method by applying to SARS for
registration for turnover tax prior to the start of the year of assessment on a
TT01 form (i.e. before 1 March if the company or individual has a 28 Feb tax
Disclaimer: Nothing in this query and answer should be construed as
constituting tax advice or a tax opinion. An expert should be consulted for
advice based on the facts and circumstances of each transaction/case. Even
though great care has been taken to ensure the accuracy of the answer, SAIT do
not accept any responsibility for consequences of decisions taken based on this
query and answer. It remains your own responsibility to consult the relevant
primary resources when taking a decision.
Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.
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