2304
Commercial banking
Profit Code
2304
Loss Code
2305
Category
23 - Finance and Insurance
Description
SARS profit code 2304 (loss: 2305) classifies Commercial banking within main category 23 (Finance and Insurance). This code is used on the ITR14 company income tax return to indicate your business main source of income.
How to Use
When completing the ITR14, enter code 2304 in the profit code field if your business is primarily engaged in commercial banking. If your business made a loss, use code 2305 instead.
Note: The profit code is separate from the 5-digit SIC code also required on the ITR14. See our SARS tax guide for more details.
Other Codes in Category 23
| Code | Description |
|---|---|
| 2302 | Central banking |
| 2306 | Building societies |
| 2308 | Financial leasing |
| 2310 | Other credit granting |
| 2312 | Life insurance |
| 2314 | Short-term insurance |
| 2316 | Pension funding |
| 2318 | Financial markets administration |
| 2320 | Insurance brokers |
| 2322 | Fund management |