Taxation of business entities in a nutshell
ID:CVBEN
Video Overview
A business entity from a tax perspective is a company, a close corporation (CC), or a small business corporation (SBC). In the 2000 tax year special tax rates were introduced for any close corporation or private company that qualifies as a SBC. Section 12E sets out the criteria that need to be met in order to qualify as a SBC. If the business entity is a company or a close corporation they are taxed at the same flat tax rate applicable to the current tax year. In other words for tax purposes they are treated the same. A SBC has its own tax table, and has special capital allowances. In this tutorial the steps involved in calculating the tax liability of business entities will be discussed.
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