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Categories
Category Archives: VAT
Different VAT supplies and how it affects your VAT return
There are a few instances where VAT is not charged at the standard rate of 15%. In the following newsletter, we distinguished between the different supplies that attract VAT but does not necessarily have the impact of a standard rate … Continue reading
Posted in VAT
Tagged Deemed supplies, SARS, The VAT Act
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Value-added remarks on Value-Added Tax (VAT)
VAT is an integral part of our economic society and is something that influences everyone, especially businesses in South Africa. In this article, we will discuss a few do’s and don’ts regarding VAT. Valid tax invoices In South Africa’s current … Continue reading
Posted in VAT
Tagged SARS, Tax Invoice, VAT
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VAT TRAP COULD IMPACT ON YOUR EARNINGS
It’s been nine years since the annual threshold required to register as a VAT vendor was increased from R300,000 to R1m. If you consider the effects of inflation over that period it seems clear that a growing number of businesses, … Continue reading
HOW TO PREPARE AND SUBMIT YOUR VAT201 FROM 1 APRIL 2018
The Minister of Finance announced a VAT rate increase from 14% to 15% effective 1 April 2018 in the 2018 Budget Speech. To assist you in preparing your VAT return (VAT201) submission, the South African Revenue Service (SARS) would like … Continue reading
VAT INCREASE TO KICK IN ON APRIL 1
During his maiden budget speech, (former) Finance Minister Malusi Gigaba made the expected announcement that the value-added tax (VAT) rate will increase to 15% from April 1. This is the first increase in the VAT rate since April 1993 and … Continue reading
Posted in VAT
Tagged Budget speech, Finance Minister, VAT
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THE VAT COMPLIANCE LANDSCAPE
VAT use to be a simple tax for taxpayers to comply with. Returns would go in regularly with very little hassle and SARS’ audits or verifications seldom resulted in an assessment. Not anymore. With VAT fraud being more prevalent now … Continue reading
IMPORTANT SARS DATES
There appears to be an increased focus recently by SARS in relation to tax compliance. We therefore want to highlight the below important dates again to our clients to ensure that they are always fully tax compliant. Non-compliance may lead … Continue reading
NON-EXECUTIVE DIRECTORS – HAVE YOU REGISTERED FOR VAT?
SARS recently published two Binding General Rulings (number 40 and 41) that have put the tax treatment of non-executive director’s fees to bed, which will come in effect on 1 June 2017. As it stands, a Non-Executive Director (NED) earning … Continue reading
Posted in VAT
Tagged 1 June 2017, NED, VAT
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NON-EXECUTIVE DIRECTORS LIABLE FOR VAT
If they receive fees exceeding R1m in 12-month period – SARS. Ingé Lamprecht / 14 February 2017 00:04 Moneyweb JOHANNESBURG – A ruling by the South African Revenue Service (SARS) that non-executive directors are required to register and charge VAT where … Continue reading