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South Africa

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About

South Africa

Capital
Official languages
Population 
Currency

ISO 4217

Cape Town

English, Afrikaans, Ndebele, Northern Sotho, Sotho, Swazi, Tsonga, Tswana, Venda, Xhosa, Zulu

58,558,270 (as of 2019)

Rand

ZAR

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Economy

South Africa has a strong and diverse economy, with a GDP of $350.3 billion in 2019. It is the second-largest economy in Africa, and the 28th-largest in the world. The country has a well-developed financial sector, with the Johannesburg Stock Exchange being the largest in Africa. South Africa is a major exporter of minerals, including gold, platinum, and diamonds. It is also a major producer of agricultural products, such as maize, wheat, and sugar. The country has a large manufacturing sector, with automotive and electronics being the largest contributors. South Africa has a strong tourism industry, with over 10 million visitors in 2019. The country also has a vibrant services sector, with telecommunications, banking, and retail being the largest contributors. Overall, South Africa has a strong and diverse economy, with a bright future ahead.

Taxation

South Africa is a country located in the southern region of Africa. Here is a brief overview of the taxation system in South Africa:


Corporate Taxation in South Africa:

- Corporate tax rate is 28%

- Capital gains are taxed as normal income at the corporate tax rate

- Dividends paid by South African companies are subject to a dividends tax of 20%, but this rate can be reduced or eliminated under certain tax treaties


Personal Taxation in South Africa:

- Personal income tax rates range from 18% to 45%, depending on income level

- Capital gains tax rate is 18%, but this rate can be increased to 22.4% for high-income taxpayers


Tax Payment and Calendar:

- The tax year in South Africa runs from March 1 to February 28/29 of the following year.

- Tax returns must be filed by September 30 for non-provisional taxpayers and by January 31 of the following year for provisional taxpayers.

- Corporate income tax payments are due on the last day of the fourth, sixth, ninth, and twelfth months of the tax year for provisional taxpayers.

- Individual income tax payments are made on a monthly basis through employer withholdings, but provisional taxpayers may also need to make additional payments on an estimated basis.


Taxpayers in South Africa are required to keep detailed records of their income and expenses, and may be subject to audits by the tax authorities. Failure to comply with tax laws can result in penalties and fines.


South Africa has also signed several tax treaties with other countries, including the United States, Canada, and the United Kingdom, which can impact the taxation of individuals and corporations with ties to those countries. It is always recommended to consult with a tax professional for personalized advice on tax matters in South Africa.

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