VAT Connect Issue no. 3 (June 2013)

Welcome to VAT Connect – your electronic newsletter that will provide you with the latest news and information on VAT and related matters. We hope you enjoy the read and that you will find the information helpful in meeting your VAT obligations.

To read our newsletter below, click on each heading to expand the corresponding article.

Shortly after publishing the last issue of VAT Connect, various amendments to the VAT Act which were proposed in the Taxation Laws Amendment Bill, 2012 were promulgated. (Refer to the TLAA published in Government Gazette 36122 dated 1 February 2013.) The amendments came into effect from the date of promulgation (1 February 2013) unless otherwise provided in the TLAA.

The most important topics covered by the amendments are:

  • Extension of the definition of “instalment credit agreement” to include Islamic finance arrangements known as ijarah.
  • Extension of the circumstances under which credit and debit notes may be issued.
  • Amendments to Custom Controlled Area (CCA) rules.
  • Clarification of the application of the exemption for pre-entry sale of imported goods by non-residents.
  • New exemptions introduced for bargaining councils and political parties as well as relief for past supplies.
  • Conversion from share block to other forms of property ownership.

A summary of these amendments is available in the latest issue of the VAT 404 – Guide for Vendors which was issued in March 2013.

For more details, refer to the following documents on the SARS website under “Legal & Policy”:

Disclaimer: VAT Connect is an information newsletter and does not constitute a ruling as contemplated in Chapter 7 of the Tax Administration Act, 2011 or section 41B of the Value-Added Tax Act, 1991 unless otherwise indicated.

Any request for a ruling on a VAT matter should be headed “Application for a VAT Class Ruling” or “Application for a VAT Ruling” and must be sent by fax to +27 86 540 9390 or email to VATRulings@sars.gov.za.

For general enquiries regarding VAT you can also call the SARS Contact Centre on 0800 00 7277.
Last Updated: 03/10/2014 12:12 PM     print this page
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