Businesses in South Africa can save on paying taxes by taking advantage of tax incentives and deductions available under the tax laws. Some common ways to reduce tax liabilities include:
- Claiming capital allowances on assets
- Making use of tax deductions for certain expenses such as medical aid contributions, retirement annuity contributions, and travel expenses.
- Taking advantage of tax incentives for specific industries, such as the Research and Development tax incentive.
- Making use of tax relief for small businesses, such as the Small Business Corporation tax regime.
- Contacting a Tax professional, like us- at CBO Accounting & Tax.
It’s important to note that while tax planning is a legitimate way for businesses to reduce their tax liabilities, all tax savings must be in compliance with the South African tax laws and regulations.
It is always advisable to seek advice from a tax professional, like CBO Accounting & Tax, to ensure compliance with tax laws and to fully understand all available options for tax savings.