A sole proprietorship is a business that is owned and operated by a natural person (individual). This is the simplest form of business entity. The sole proprietorship is not a […]
Value Added Tax
Standard Turnover-based Method of Apportionment – Draft Binding Ruling for comment – part 2 – Exclusions
ACT: VALUE-ADDED TAX ACT, NO. 89 OF 1991 (the VAT Act)SECTION 17(1) – APPORTIONMENT SARS published a new Draft Binding Ruling (version 3) in October 2023 for public comment due […]
Standard Turnover-based Method of Apportionment – Draft Binding Ruling for comment
ACT: VALUE-ADDED TAX ACT, NO. 89 OF 1991 (the VAT Act)SECTION 17(1) – APPORTIONMENT SARS published a new Draft Binding Ruling (version 3) in October 2023 for public comment due […]
Value-Added Tax Modernisation
SARS published a discussion paper for Value-Added Tax Modernisation in September 2023. The discussion document seeks to achieve the following: The modernisation will impact businesses that are registered or required […]
Amendments to regulations on the domestic reverse charge relating to valuable metal
July 2023 update This article is an update of an article published on 28 June 2022 – “Regulations imposing a domestic reverse charge on valuable metals”. Relevant Act(s)VAT Act, 1991 […]
Temporary application of new dwellings for exempt supplies simultaneously held by developers for taxable purposes
Relevant Act and Sections: VALUE-ADDED TAX ACT 89 OF 1991 and Sections 18D, 18(1), 16(3)(o), 10(29), and 9(13) SARS published a new general binding ruling in June 2023 discussing the […]
Deregistration of Tax Types – part 2 of 2
This article (2 of 2) outlines the relevant procedures to be followed when a taxpayer applies for deregistration of a tax type. Please read part 1 before reading this article. […]
Deregistration of Tax Types – part 1 of 2
This article (1 of 2) outlines the relevant procedures to be followed when a taxpayer applies for deregistration of a tax type. One does not suddenly and simply “deregister”. Extensive […]
Customs Duty and VAT Implications on Imported Goods
Source: SARS Guide – Customs Duty Implications on Imported Goods dated 08 February 2023Reference Acts: Customs and Excise Act, 1964Value-Added Tax Act, Number 89 of 1991, as amended One of […]
Non-Executive Directors and VAT and PAYE
Relevant documents: SARS Binding General Ruling (BGR) 40SARS Binding General Ruling (BGR) 41 Binding General Ruling (BGR) 40 (issued on 10 February 2017) confirms that non-executive directors (NEDs) are not […]