Turnover Tax For Micro Businesses

Turnover tax for micro businesses is a simplified turnover-based tax system substituting income tax and Capital Gains Tax. A micro business may voluntarily register for VAT. Turnover tax is an elective tax applicable to sole proprietors, partnerships and companies that meet certain criteria and have a turnover of less than R1 million per year.
A micro business may only voluntarily exit the turnover tax system before the beginning of a year of assessment.