- 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
Latest Posts in "South Africa"
- South Africa’s 5-Corner Peppol Integration to Modernize E-Invoicing and VAT Reporting by 2028
- New VAT Apportionment Reporting Requirements to SARS: Compliance and True-Up Adjustments Explained
- High Court Upholds Tax Court Ruling: Payroll Service Provider Not Liable for SDL and VAT
- Eswatini’s E-Invoicing Initiative: Advancing Tax Compliance and Digital Transformation by January 2028
- South Africa to End VAT Exemption on Low-Value Imports, Impacting eCommerce and Education
