Tax Guide for Small Businesses (2020/2021)
1
Glossary
In
this guide, unless the context indicates otherwise –
•
“CC” means close corporation;
•
“CGT” means capital gains tax, being the normal tax attributable to the inclusion of a
taxable capital gain in taxable income under section 26A;
•
“Customs and Excise Act” means the Customs and Excise Act 91 of 1964;
•
“Eswatini” means the
Kingdom of Eswatini, previously known as Swaziland;
•
“ETI” means employment tax incentive;
•
“ETI Act” means the Employment Tax Incentive Act 26 of 2013;
•
“MTC” means medical scheme fees tax credit contemplated in section 6A;
•
“PAYE” means Pay-As-You-Earn namely “employees’ tax” as defined in paragraph 1
of the
Fourth Schedule;
•
“PPP” means “Public Private Partnership” as defined in section 1(1);
•
“R&D” means scientific or technological research and development;
•
“SBC” means small business corporation;
•
“Schedule” means a Schedule to the Act;
•
“SDL” means skills development levy;
•
“section” means a section of the Act;
•
“SEZ” means “special economic zone” as defined in section 12R(1);
•
“SMME” means small, medium and micro enterprise;
•
“South Africa” means the
Republic of South Africa;
•
“STT” means securities transfer tax;
•
“standard rate” means the current standard rate of VAT levied on any supply or
importation of goods or services under section 7(1) of the VAT Act;
•
“TA Act” means the Tax Administration Act 28 of 2011;
•
“tax treaty” means an agreement for the avoidance of double
taxation entered into
between South Africa and another country;
•
“the Act” means the Income Tax Act 58 of 1962;
•
“UIF” means unemployment insurance fund;
•
“VAT” means value-added tax;
•
“VAT Act” means the Value-Added Tax Act 89 of 1991; and
• any other word or expression bears the meaning ascribed to it in the relevant Act.
