Tag Archives: VAT

The Five Most Common Tax Pitfalls That Small Business Owners Should Avoid

Posted on November 20, 2020 by admin

At a time of deep economic recession, small businesses must manage their accounting and tax functions efficiently and smoothly to avoid any unnecessary costs like SARS penalties. Making elementary mistakes with a small company’s tax affairs can have disastrous and … Continue reading →

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How Many Days Did You Work For The Taxman In 2019?

Posted on July 4, 2019 by admin

“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 →

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SARS – Important Update on VAT for E-Services from Foreign Suppliers

Posted on May 7, 2019 by admin

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 →

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VAT Taxpayers: New Relief on Correcting Tax Invoices

Posted on March 7, 2019 by admin

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 →

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Be Aware Of the Changes to VAT on Electronic Services

Posted on January 21, 2019 by admin

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 →

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Bitcoin is Taxable!

Posted on May 11, 2018 by admin

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 →

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VAT Increase and Accounting Systems

Posted on March 16, 2018 by admin

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 →

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The squeeze is on: The medium term budget

Posted on December 7, 2015 by admin

“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 →

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