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Categories
Tag Archives: VAT
How Many Days Did You Work For The Taxman In 2019?
“Tax Freedom Day is calculated by dividing general government revenue by GDP at market prices, then multiplying the result by the number of days in a year, and finally adding a day” (Free Market Foundation) In the current year it … Continue reading
Posted in Tax
Tagged Free Market Foundation’s formula, Tax Freedom Day, VAT
Comments Off on How Many Days Did You Work For The Taxman In 2019?
SARS – Important Update on VAT for E-Services from Foreign Suppliers
This has been causing waves since SARS stated its intentions of making electronic services subject to VAT last year. Now the final regulations have been published and are effective from 1 April 2019. Of significance is the change in the … Continue reading
VAT Taxpayers: New Relief on Correcting Tax Invoices
There has been an anomaly in VAT law which new legislation has now largely resolved. The problem with the old position It has always been simple to correct calculable errors in tax invoices, such as price. A VAT debit or … Continue reading
Be Aware Of the Changes to VAT on Electronic Services
The Minister of Finance warned in his 2017 Budget speech that VAT on electronic services would be widened. Treasury has now published regulations that come into effect on 1 April 2019. The major changes The definition of “Electronic Services” has … Continue reading
Posted in Tax
Tagged Electronic Services, Tax, VAT
Comments Off on Be Aware Of the Changes to VAT on Electronic Services
Bitcoin is Taxable!
SARS has released a media statement on Bitcoin in which it states that people dealing in Bitcoins or other cryptocurrencies are subject to normal Income Tax law in terms of gross income, tax deductions or Capital Gains Tax. SARS are … Continue reading
VAT Increase and Accounting Systems
As you are aware, the National Treasury announced an increase in Value Added Tax (VAT) from 14% to 15% effective 1 April 2018. We urge you to ensure that your accounting systems are set up to process transactions at the … Continue reading
Posted in Finance
Tagged Increase, National Treasury, VAT
Comments Off on VAT Increase and Accounting Systems
The squeeze is on: The medium term budget
“Without economic growth, revenue will not increase. Without revenue growth, expenditure cannot increase” (Finance Minister Nene in his Medium Term Budget Policy Statement (MTBPS), October 2015) These words spoken by Minister Nene neatly capture the predicament the country’s finances are … Continue reading