VAT 201 Returns: “Business as usual”

Following the implementation of the new Tax Administration Act (TAA) on 1 October, there was widespread concern that VAT 201 returns submitted via eFiling could no longer be submitted on the last business day of the applicable month as was previously the case. The fear was that returns would in future have to be lodged on or before the 25th of each month, and panic set in when many taxpayers were told only on 19 October that the change would be effective immediately, i.e. that returns due in October would have to be lodged by 25 October. Fortunately SARS announced at the last minute that, pending an amendment to the TAA, it will continue to accept returns and payments “submitted via eFiling (or EFT) on or before the last business day of the month.” So relax, it’s “business as usual” with your VAT 201s. Remember that manual returns still have to be in by the last business day prior to the 25th of each month. © DotNews, 2005-2012. This newsletter is a general information sheet and should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein.  Always contact your financial adviser for specific and detailed advice.

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