Obligations of a VAT Vendor VAT registration places certain obligations and record keeping duties on a vendor. For example a vendor must ensure that: VAT is collected on taxable supplies; VAT is included in all prices advertised or quoted; tax invoices are issued for supplies made, where required; returns are submitted and payments are […]
[…] benefits in kind provided to employees The granting of fringe benefits to employees attracts employees tax. The method in which benefits in kind such as the pri vate use of a motor vehicle provided by an employee or right to use residential accommodation of an employee is a fringe benefit. Examples of fringe benefits […]
Amendments and proposed amendments Since the last issue of VAT Connect (No. 7 – December 2017), various amendments affecting the VAT Act and the administration thereof have been made. For more details on recent amendments, refer to the following documents, amongst others, on the SARS website under “Legal Counsel”: The Taxation Laws Amendment Act […]
[…] eFiling for organisations How to register on eFiling How to manage your profile on eFiling Portfolio management Registered representatives Registering/Adding a taxpayer on eFiling Managing groups Acti vating a SARS-registered representative Inviting a user and delegating rights Tax Compliant Status SARS Online Query Services What is SOQS Advantages of SOQS Services on SOQS Frequently […]
[…] turnover and not profit. Turnover Tax simplifies and reduces the number of tax returns that micro-businesses must file and replaces the need to account for Income Tax, VAT (unless you have elected to be in the VAT system), Provisional Tax, Capital Gains Tax, and Dividends Tax. Who can qualify for Turnover Tax? Individuals (sole […]
[…] Practitioner Connect Issue 4 (May 2016) Tax Practitioner Connect Issue 3 (November 2015) Tax Practitioner Connect Issue 2 (November 2015) Tax Practitioner Connect Issue 1 (August 2012) VAT Connect VAT Connect Issue 17 (December 2023) VAT Connect Issue 16 (August 2023) VAT Connect Issue 15 (December 2022) VAT Connect Issue 14 (August 2022) VAT […]
[…] Income Tax (CIT), Trusts (TR) Income Tax (including Provisional Tax) Employee taxes – Pay-As-You-Earn (PAYE), Skills Development Levy (SDL) and Unemployment Insurance Fund (UIF) Value-Added Tax ( VAT & Diesel) Customs and Excise. Mineral and Petroleum Resource Royalty (MPRR) What are the benefits of the Client Information System? Taxpayers/registered representatives will now be able […]
[…] 1 March 2023. Paragraph 2(1)(c) of the Second Schedule: A retirement benefit, in respect of a member who has reached retirement age, that was transferred to a Preser vation Fund, cannot be accessed as a once-off withdrawal benefit, prior to retirement. Recognition of Transfer To assist the Fund Administrators / Long-Term Insurers to understand the […]
[…] the prior year 2020/21 are: PIT: Net PIT up by R67.3 billion (13.8%) to R555.8 billion CIT: Net CIT up by R119.2 billion (58.3%) to R323.6 billion VAT: Net VAT up by R59.5 billion (18.0%) to R380.7 billion Import Duties up by R10.7 billion (22.6%) to R58.0 billion Domestic Specific Excise Duties up by […]
[…] years of assessment commencing on or after 1 March 2017. For more information please visit the Third Party Data Submission Platform webpage. NON-EXECUTIVE DIRECTORS OF COMPANIES MUST REGISTER FOR VAT The South African Revenue Service (SARS) has confirmed the interpretation of the Value-Added Tax (VAT) law that requires non-executive directors (NEDs) of companies to register for […]
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