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Provisional tax vs Income Tax (Closed corp)

Posted 24 February 2016 under Tax Questions

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Chantelle says:
24 February 2016 at 12:46

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?

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TaxTimTaxTim says:
24 February 2016 at 12:50

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.


Chantelle says:
24 February 2016 at 12:56

Thank you!
When is the Income tax (final tax owing) due then?


TaxTimTaxTim says:
24 February 2016 at 13:00

The final tax return is due one year after your year end.


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