LEGAL AND REGULATORY ENVIROMENT

Legal and Regulatory Environment

Vat Registration In terms of the Act, a business becomes liable for registration for VAT purposes at the end of any month where the total value of taxable supplies in the period of twelve months has exceeded an amount of R1, 000, 000. Every company has to pay to the commissioner an amount of employee’s tax. And UIF on a monthly basis in terms of paragraph 2 of the Fourth Schedule of the Income Tax Act No 58 of 1962. Skills Development Levy “SDL” An employer must register for SDL in terms of the Skills Development Levies Act, 1998 if; liable to register for SARS for employee’s tax purposes irrespective of whether or not its total remuneration for employees tax purposes ‘will exceed R250, 000, or the total remuneration for employees during twelve months period will exceed R250 000 even if not liable to register with SARS for employees tax purposes.

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