South Africa operates a VAT system whereby businesses (vendors) are allowed to deduct the VAT incurred on business expenses (input tax) from the VAT collected on the supplies made by the business (output tax). The most important document in such a system is the tax invoice. Without a proper tax invoice a business cannot […]
[…] seekers certificate or permit together with the original identification of partners or copies of registration documents depending on the nature of the company. Confirmation of partnership ( VAT128) or Partnership Agreement if not VAT specific. Company/CC/Co-ops Copy of registration documents depending on the nature of the company. A certified or copy of a valid […]
[…] to a month-on-month decrease in imports of machinery, original equipment components and chemicals and a month-on-month decrease in exports of mineral products, base metals and machinery VAT registration process simplified – 1 February 2008 01 February 2008 – The South African Revenue Service (SARS) is pleased to announce the introduction of a vastly […]
What’s new 17 April 2020 – Requests for duty deferment payment relief What is it? Customs duties and VAT are payable in accordance with Section 39(1)(b) at the time of importation. Existing registered or licensed Customs clients may apply to defer the payment of Customs duty and VAT for a period of up to […]
[…] April 2020 An updated certifate has been published. 8 April 2020 3 April 2020 COVID-19 Essential Goods List ITAC Certificate – SARS Essential Goods List VAT 412.11 Mapping Explanatory Note: Pursuant to this certificate (Certificate), the International Trade Administration Commission of South Africa (ITAC) hereby certifies that for the purpose of […]
[…] The currently manual DA66 process will be automated in the last quarter of 2023 and is separate from the diesel refund system that is administered through the VAT system by way of submitting VAT 201 returns. For more information, see the letter to stakeholders. How do I access the Diesel Refund Scheme? The diesel […]
[…] of Finance announced a review of the treatment of duty-free shops, which includes a revision of the schedules made under the Customs and Excise Act and the VAT Act that regulate the duty-free retailers. See the full media statement here. SARS publishes PAYE monthly submission external BRS SARS seeks to replace the current employees’ […]
[…] To date, SARS deregistered 1 tax practitioner in terms of Section 240(3)(a); 9 in terms of Section 240(3)(b), and 106 in terms Section 240(3)(d). Posting of VAT201 returns discontinued Thirty years after the Value-Added Tax Act, 1991, came into operation on 30 September 1999, SARS made the decision to stop posting VAT201 returns […]
[…] of Section 13quat of the Income Tax Act, has been extended to 31 March 2023. Venture Capital Company (VCC): Investment under source code 4051 will be de-acti vated from the 2021 tax year and onwards, as it is no longer applicable. Income from Local Farming Operations (IT48) will be updated to allow the taxpayer […]
[…] source code descriptions where applicable. Scam alert SARS has identified the following scams. Be on the alert for a scam circulated through text messagestalking about Income Tax and VAT Returns. The SARS IT security team identified the following fraudulent email addresses spamming taxpayers. If you receive an email from one of these email addresses, please […]
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