- The South African Revenue Service (SARS) has published a Discussion Paper on Value-Added Tax Modernisation, which outlines their vision for modernizing the country’s VAT administrative framework.
- SARS plans to adopt real-time transmission of VAT data from vendors to tax authorities, and the initiative will affect all businesses registered for VAT.
- The modernization will be a staged approach, and the implementation is expected to take place in the next five years.
- SARS is inviting vendors, accounting system software developers, technology entities, and the public to submit contributions and comments by 31 October 2023.
- The benefits of the initiative are expected to outweigh the costs, and the initial costs may be deducted for income tax and VAT purposes.
Source Deloitte
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