VAT treatment of irrecoverable debts
What happens to the VAT that was paid over to SARS? Vendors often provide goods or services to clients on credit. In the current economic climate, clients are more likely to acquire goods or services on credit and may thereafter be unable to settle these debts. Other factors, for example disputes, may also result in […]
Will you be receiving a VAT invoice this year?
All value-added tax (VAT) vendors that have gone through a VAT verification from the South African Revenue Service know how frustrating the delays on input VAT refunds can be when supporting documents do not meet the requirements for a valid tax invoice. Below, we revisit some of the necessary key elements to ensure proper compliance in this regard. The […]
VERSKILLENDE BTW-LEWERINGS EN HOE DIT U BTW-OPGAWE BEÏNVLOED
Daar is enkele gevalle waar BTW nie teen die standaardkoers van 15% gehef word nie. In hierdie nuusbrief onderskei ons tussen die verskillende lewerings wat BTW lok, maar nie noodwendig die uitwerking van ’n standaardtariefvoorraad het nie. Lewerings Geweier Die BTW-Wet maak voorsiening vir sekere uitgawes waar inset-BTW geweier word, selfs al word dieonkoste aangegaan […]
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 are continuously published, the latest being on 18 March 2019, with an effective date of […]
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 tax system, vendors that are registered for VAT are allowed a deduction for the tax […]
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 the case with tax (especially VAT), the answer is that it depends on the circumstances. […]
VAT RATE INCREASE FROM 14% TO 15% – HOW TO COMPLETE THE VAT201
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 to bring the following to your attention: The new tax fraction applicable from 1 April 2018 […]
BELASTINGSKULD EN AFBETALINGSOOREENKOMSTE
Om by iemand in die rooi te wees is vir meeste ’n onaangename ervaring, veral as die skuldeiser die Suid-Afrikaanse Inkomstediens (die SAID) is. Omstandighede lei egter soms na gevalle waar ’n belastingpligtige agter raak met bedrae wat aan die SAID verskuldig is. Ons ondervind egter dat die SAID se skuldinvorderaars (intern en nuut-aangestelde eksterne […]
GELDIGE BTW-FAKTUURVEREISTES VIR BTW-ONDERNEMERS
Wanneer u iets vir u besigheid aankoop moet u verseker dat u ’n geldige belastingfaktuur ontvang. Dit stel u in staat om insetbelasting van die SAID te eis. Met die wysiging van die BTW-koers van 14% na 15% , het BTW nou weer onder die soeklig gekom. Hiermee saam word daar nou meer gefokus op […]
DIE BTW-VERHOGING EN VERKOPE VAN VASTE EIENDOM
Op 21 Februarie 2018 het die vorige Minister van Finansies, Malusi Gigaba, aangekondig dat die Nasionale Tesourie besluit het om die BTW-koers met ingang 1 April 2018 van 14% tot 15% te verhoog. Sedertdien is ons praktyk toegeval met navrae oor die korrekte hantering van BTW, spesifiek in verband met die verkoop van residensiële eiendomme. […]