Taxation of business activities and Individuals (TAX3761)
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Taxation of business activities and Individuals (TAX3761)
Institution
University Of South Africa (Unisa)
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Taxation of business activities and Individuals (TAX3761)
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AUTHOR: MILTON
CONTACTS: +27698866058
WE ALSO PROVIDE PRIVATE TUTORIALS ON
FINANCIAL AND MANAGEMENT ACCOUNTING AT ALL
LEVELS. INTERNAL AND EXTERNAL AUDITING AS WELL
IT IS MY BELIEF THAT TECHNICAL LANGUAGEOR THE DICTION
THAT IS USED IN SOME OF THESE SUBJECTS THAT PLACES A
LIMITATION OR RATHER SLOWS DOWN OUR UNDERSTANDING
WHEN IT COMES TO CERTAIN CONCEPTS. IN MY EXPLANATIONS
AND NOTES I SEEK TO DECODE AND SIMPLIFY TAXATION TERMS
INTO LAYMEN TERMS MAKING THE SUBJECT ENJOYABLE AND
INTERESTING SINCE WE AS HUMAN BEINGS ENGAGE OUR MINDS
LONGER ONLY IN THE THINGS THAT FASCINATE US.
***GOOD LUCK LETS ACE THIS TAX 3761 MODULE***
Why Do We Pay Taxes?
Think of taxes like paying rent to live in a house. When you pay rent, you get to live in the
house, feel safe, and use the things in it. Taxes are like that, but for a country.
We pay taxes so the government can do things for us, like building roads, schools, and
hospitals. It's also how the government pays for things like police and firefighters who keep
us safe.
Who's in Charge of Taxes?
There are a few important people and groups involved in taxes in South Africa:
The Boss: The Minister of Finance is like the boss of all the money stuff in the
country. They decide how much money the government needs and where it should be
spent.
The Money Collectors: SARS (South African Revenue Service) is like a big
company that collects taxes from everyone and businesses. They make sure everyone
pays the right amount.
The Rule Makers: The government makes laws about taxes. These laws say who has
to pay taxes, how much, and when.
The Listeners: The Tax Ombud is there to help if you have a problem with SARS.
They listen to your complaint and try to fix it.
Us: That's you and me! We are the ones who pay taxes.
,Other Important People
There are other groups involved too, like accountants who help people with their taxes, and
big groups of countries that talk about how taxes should work around the world.
What is a Tax?
A tax is money you pay to the government. This money is used to pay for things like schools,
hospitals, roads, and police.
Types of Taxes
There are many different kinds of taxes:
Taxes on What You Earn
Income Tax: This is a tax on the money you make from your job or business. People
who earn more money usually pay more income tax.
1. Income Tax: introduction: Overview - GOV.UK
www.gov.uk
2. Income from two sources | South African Revenue Service - SARS
www.sars.gov.za
, Capital Gains Tax: This is a tax you pay when you sell something for more than you
paid for it. For example, if you sell a house for more than you bought it for, you might
have to pay capital gains tax.
1. Capital Gains Tax: what you pay it on, rates and allowances: Overview - GOV.UK
www.gov.uk
2. The basics of capital gains tax for homeowners | RE/MAX™ of Southern Africa
www.remax.co.za
Taxes on What You Buy
Value-Added Tax (VAT): This is a tax added to the price of most goods and
services. You pay it when you buy something.
1. Value Added Tax (VAT) - European Commission - Taxation and Customs Union
taxation-customs.ec.europa.eu
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