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ECO ASSESSMENTS Heritage ScopingWits Commercial Enterprise (Pty) Limited (Registration No: 2002/008461/07) 5th floor, Senate House, Risen Street, 2001 Bloemfontein Private Bag 3, 2050 Wits South AfricaProposed development
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WITS stands for Withholding Tax on Special Income. It is a tax imposed on specific income types and must be withheld by the payer of the income.
Entities or individuals who receive income subject to WITS are required to file the necessary forms and withhold the appropriate tax amount.
To fill out WITS forms, one must accurately report the income subject to WITS, calculate the tax amount to be withheld, and submit the forms to the revenue authorities.
The purpose of WITS is to ensure that tax is withheld at the source on specific types of income, thereby preventing tax evasion and ensuring tax compliance.
The WITS forms typically require information such as the type of income subject to WITS, the amount of income received, tax rate applicable, and details of the payer and payee.
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