VAT vendors can expect a number of amendments that affect specific classes of vendors in 2023. The National Treasury published the draft Taxation Laws Amendment Bill (‘TLAB’) for comment on 29 July 2022. It contains a number of proposals for amendments to the Value Added Tax Act (‘VAT Act’).
The VAT proposals deal with matters previously covered by rulings under section 72 that ceased to apply (see note at the end). Some of the VAT proposals have a very narrow focus and are likely to be of limited relevance to the broader community of vendors, for example, a proposal that deals with cross-border leasing of foreign ships, airplanes and rolling stock. This article considers VAT proposals that may be of broader interest.
Source Pieter van der Zwan
