- South African Revenue Service issued Binding General Ruling No. 72 regarding credit note requirements for prepaid voucher deductions
- Clarifies circumstances for tax adjustment under Section 21(2) of the VAT Act for telecommunications companies
- Specifies information required on tax invoices and credit notes, unless the credit note relates to supplies under 5,000 South African rand
- Telecommunications companies must issue credit notes in electronic format to subscribers, who will be notified via SMS
- Credit notes must contain specific information from vendor, date of issuance, and transaction identification details
- Prepaid subscribers may be asked for personal details and VAT registration numbers if supplies exceed 5,000 rand and required information is missing
- Ruling applies from April 1, 2024.
Source: news.bloombergtax.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
