South African Revenue Service Provides New Guidance on Turnover Tax for Micro Businesses

The South African Revenue Service (SARS) has published new guidance on the turnover tax for micro businesses, including:

• Tax Guide for Micro Businesses (Issue 3); and
• Frequently Asked Questions: Turnover Tax.

The guide explains South Africa's turnover tax system, a simplified regime for micro businesses with qualifying turnover of SAR 1 million or less, replacing normal income tax, capital gains tax, and (partially) dividends tax. The guide covers who may qualify as a micro business (an…