SARS has now issued a Discussion Paper on Value-Added Tax Modernisation to explain its plans and seek input from VAT vendors, accounting system software developers or suppliers, recognised controlling bodies, public finance and municipal finance entities and the public.
VAT is the second-highest source of tax revenue for the South African government, but modernisation of collection methods has lagged behind other tax and customs products, according to SARS.
Source: www.itnewsafrica.com
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