Turnover tax streamline small businesses tax obligations
Turnover tax was introduced by the South African Revenue Service to be an all-in-one tax. SARS designed turnover tax specifically for small businesses to reduce the administrative burden on small businesses and to encourage entrepeneurship as small businesses has the potential to grow the economy and reducing poverty by creating jobs. Turnover tax is therefore a tool for small businesses to help streamline their tax oblications. To find out more on turnover tax go to the AFS website.
