Amendments to the VAT Act – Treatment of repossessed goods

Essentially the amendment only extends the circumstances under which the special rules applicable to goods repossessed apply, to goods surrendered by the recipient. The Credit Act now allows recipients of goods acquired under an instalment credit agreement to surrender the goods to the supplier where the recipient is incapable of servicing the debt. Where goods […]

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Amendments to the VAT Act – New Registration Rules

AMENDMENTS TO THE VAT ACT  The new registration rules  Effective 1 April 2014 the following rules apply: Compulsory registration  • Where the actual value of taxable supplies has exceeded R1 million in any 12-month period (previous rules unchanged). • Where any person has entered into an agreement in terms of which they will be obliged […]

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The format of tax invoices for electronic services

(Please also refer to our previous Finance Blog, dated 16 May 2014, entitled “VAT: Electronic Services to be introduced on 01 June 2014” for further information in this regard.) AMENDMENTS TO THE VAT ACT   The format of tax invoices for electronic services:  The following information must be reflected on the tax invoice for electronic services […]

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VAT: Electronic Services to be introduced on 01 June 2014

In the recent CA(SA) DotNews newsletter sent out, SAICA touched on the latest amendments to the Value-Added-Tax (VAT) legislation regarding foreign suppliers of e-commerce services (E -Books and Music). As this is a new and unchartered area, we would like to draw your attention to the following important details: All foreign entities supplying electronic services […]

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SARS Binding Ruling regarding address

The address of the recipient and the supplier that must be reflected on a tax invoice, credit or debit note is either – • the physical address from where the enterprise is being conducted; • the postal address of the enterprise; or • both the physical and the postal address of the enterprise. With regard […]

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Nine reasons why entrepreneurs should hire an accountant

When it comes to asking for help, a recent survey showed that start-ups are more likely than owners of established businesses to enlist mentors or coaches. Long-time business owners, on the other hand, were more likely to rely on the services of accountants, lawyers and bankers than their younger counterparts. Considering the number of start-ups that fail […]

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One new Vat Act change you must know regarding tax invoices

“I’ve got good news! The Vat Law’s changed on 20 December 2012 and now you can now issue abridged tax invoices for supplies of less than R5 000 – it used to be for R3 000. What’s the difference between a full and an abridged tax invoice you ask? Before you start issuing invoices for […]

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VAT implications of the exportation of goods from South Africa

VAT on goods exported is normally charged at a rate of 14% (standard rated) or 0% (zero rated). When exporting goods from the Republic of South Africa to any destination, including SA Customs Union Countries and SADC Countries, one has to distinguish between two types of exports, namely direct and indirect exports. Direct Export: A […]

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The Basics of VAT Registration

Compulsory registration If a person carries on an enterprise in South Africa or partly in South Africa, it has to register as a vendor if the value of the taxable supplies both 14% and 0% exceed R1 million in any rolling 12 month period. Note the definition of person does not specifically include or exclude […]

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