Apply and pay the Essential if it is a new Registered trademarks Registration Automatic registration fees in design. have added benefits revenue stamps Lifetime of the creator Duration of and for another 50 15 years aesthetic Provisional patent - 1 year – 10 years protection years after death of 10 years functional Completed patent - 20 – creator Necessary to put one’s Marked with “Patent name, date and Indicated as “registered Notice to applied for” or Indicated as “Patent” “Registered copyright statement on design” with the public with the relevant patent trademark” and the ® original copy and registration number number warning notice © Taxation Most taxes in South Africa are levied by the central government and administered by SARS. The South African government imposes two main types of taxes, namely Direct and Indirect taxes: taxes •Direct Individual income tax this is an annual tax on the income of individuals, sole proprietorships and – partnerships. Company tax annual tax on income of companies and close corporations – Secondary tax on companies tax imposed on dividends by companies and distributions made by close – corporation Tax on dividends from foreign registered or incorporated companies including retirement funds and – insurers taxes •Indirect Value-added tax an invoice-based value-added tax levied on supplies of goods and services – Excise and customs duties duties on the local production of certain commodities – Stamp duties - charges levied on a number of documents in RSA Transfer duty Transfer duty is payable at rates on transactions which are not subject to VAT, – depending on the value of the property. Receiver of revenue The South African Revenue Services (SARS) ensures that tax laws are complied with and collects from each taxpayer the correct amount of tax due. Owners of sole proprietorships and partnerships do not have separate legal personalities and must therefore include the income from the business in their own gross income. Private companies and close corporations must register as tax payers in their own right. Unlike natural persons, a company or close corporation pays tax at a flat rate of 29% on its taxable income for the year of assessment. A small business corporation is defined in the Income Tax Act as follows: A CC or private company which is not an employment company • Employment companies with at 4 full-time employees for core operations • The entire shareholding or membership is held by natural persons • The annual turnover does not exceed R14mil • Of none of the shareholders or members holds shares in any other company •
Registration Automatic Essential if it is a new design. Apply and pay the registration fees in revenue stamps Registered trademarks have added benefits Duration of protection Lifetime of the creator and for another 50 years after death of creator 15 years – aesthetic 10 years – functional Provisional patent - 1 year Completed patent - 20 10 years Notice to public Necessary to put one’s name, date and copyright statement on original copy and warning notice © Indicated as “registered design” with the registration number Marked with “Patent applied for” or “Patent” with the relevant patent number Indicated as “Registered trademark” and the ® Taxation Most taxes in South Africa are levied by the central government and administered by SARS. The South African government imposes two main types of taxes, namely Direct and Indirect taxes: •Direct taxes Individual income tax – this is an annual tax on the income of individuals, sole proprietorships and partnerships. Company tax – annual tax on income of companies and close corporations Secondary tax on companies – tax imposed on dividends by companies and distributions made by close corporation Tax on dividends from foreign registered or incorporated companies – including retirement funds and insurers •Indirect taxes Value-added tax – an invoice-based value-added tax levied on supplies of goods and services Excise and customs duties – duties on the local production of certain commodities Stamp duties - charges levied on a number of documents in RSA Transfer duty – Transfer duty is payable at rates on transactions which are not subject to VAT, depending on the value of the property. Receiver of revenue The South African Revenue Services (SARS) ensures that tax laws are complied with and collects from each taxpayer the correct amount of tax due. Owners of sole proprietorships and partnerships do not have separate legal personalities and must therefore include the income from the business in their own gross income. Private companies and close corporations must register as tax payers in their own right. Unlike natural persons, a company or close corporation pays tax at a flat rate of 29% on its taxable income for the year of assessment. A small business corporation is defined in the Income Tax Act as follows: • A CC or private company which is not an employment company • Employment companies with at 4 full-time employees for core operations • The entire shareholding or membership is held by natural persons • The annual turnover does not exceed R14mil • Of none of the shareholders or members holds shares in any other company
MNE2601-study_unit_6_3rd_edition.docx