Provisional tax vs Income Tax (Closed corp)
By Marc Sevitz · Updated
For a closed corporation on SARS eFiling - a Provisional Tax tax return and a Income Tax tax return comes up for submission. However is this not the same thing? Its basically tax on your profits. But now if you submit both, you pay double tax on your profits? Maybe I am understanding it wrong... Both is for submission due now 29 Feb correct?
The provisional tax paid will be offset against your final tax owing when you submit the final tax return so you never have to pay twice. Only the Provisional Return is due on the 29th.
Thank you!
When is the Income tax (final tax owing) due then?
When is the Income tax (final tax owing) due then?
The final tax return is due one year after your year end.