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VAT

What’s new in the world of tax?

On 21 July, National Treasury and the South African Revenue Service (SARS) released the second batch of draft tax amendments for the 2019 legislative cycle, which includes both proposed substantive tax amendments, and administrative changes. This follows the release of

SAAudit September 23, 2019September 23, 2019 Tax Read more

SARS dispute: What are the reasons?

Generally, disputes with the South African Revenue Service (SARS) are the result of an assessment which has been issued by SARS to a taxpayer. An assessment is the determination of an amount of a tax liability or refund, by way

SAAudit September 13, 2019 Tax Read more

VAT regulations dealing with the supply of electronic services

Since 2015, foreign suppliers of electronic services (such as audio-visual content, e-books etc.) in South Africa are deemed to operate an enterprise for VAT locally. Although the regime has been in place for several years, new regulations in this regard

SAAudit July 16, 2019July 16, 2019 SARS, Tax Read more

Recent court case on the imposition of understatement penalties

The Supreme Court of Appeal (“ZASCA”) delivered a judgment[1] on 26 February 2019 on the imposition of understatement penalties as provided for in the Tax Administration Act[2]. In this case, the taxpayer paid provisional income tax (“IT”) of R13.8 million

SAAudit April 30, 2019May 3, 2019 SARS, Tax Read more

Zero-rating of services to non-residents

South African value-added tax (VAT) vendors are often unsure of the tax consequences of issuing invoices to foreign customers or clients and whether such services should be invoiced at the standard rate of 15% or be zero-rated. As is generally

SAAudit March 8, 2019March 12, 2019 Tax Read more

Form requirements for objections

Dispute resolution with the South African Revenue Service (SARS) generally has a two-pronged approach. Firstly, taxpayers must present their case on the merits – this will include the factual basis and background that has led to the dispute. Secondly, and equally

SAAudit February 7, 2019February 7, 2019 SARS Read more

Helpful tax resources

South African taxes are inherently complex and often involve interpretation, consulting and in exceptional cases, a fair amount of educated guessing on exactly what the legislature intended when the various acts were drafted. However, in order to assist taxpayers through

SAAudit January 21, 2019January 22, 2019 Tax Read more

Correction of tax invoices

Since it is illegal to issue more than one tax invoice per taxable supply, and another tax invoice may not be issued to alter any consideration in respect of an original tax invoice issued, the Value-Added Tax Act[1] prescribes very

SAAudit October 18, 2018October 22, 2018 Tax Read more

Valid Tax Invoice Requirements for VAT Vendors

When making a purchase for your business, you should always ensure you receive a valid VAT invoice. This enables you to claim input VAT from SARS. With the change in VAT rate from 14% to 15%, VAT has come under

SAAudit June 8, 2018June 8, 2018 Tax Read more

VAT Increase and Accounting Systems

As you are aware, the National Treasury announced an increase in Value Added Tax (VAT) from 14% to 15% effective 1 April 2018. We urge you to ensure that your accounting systems are set up to process transactions at the

SAAudit March 19, 2018 Tax Read more
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