1790. Personal liability of directors and shareholders
November 2009 - Issue 123
Being appointed to the board of directors of a company is an honour and an opportunity which does not come without its accompanying respons...
Tax consequences of a VAT deregistration
R D de Swardt (De Rebus)Since the increase of the compulsory value-added tax (VAT) registration threshold from R300 000 to R1 million with effect from 1 March 2009, a number of vendors are considering deregis...
Value-added Tax1741. Delayed and suspended registrationsJune 2009 – Issue 118
During November 2008, SARS issued a notice in which it announced a number of important changes to the VAT registration process. SARS introduced stringent ve...
Value-Added Tax (VAT)14. DeregistrationMarch 1994
The process of deregistering as a VAT vendor is simple but the consequences, if not anticipated, can be devastating.
The VAT Act provides that goods and services supplied and anything...
848. Input tax deduction in respect of motor vehicles
The definition of ‘motor car’ has been broadened to include double cab light delivery vehicles, station wagons and minibuses. This largely confirms the status ...
Value-added tax256. VAT and motor carsFebruary 1996
Most "vendors" should be aware that, in general, you may not claim an input tax credit for the VAT paid on the acquisition of a motor ear (with certain exceptions being defined as a motor ...
Value-added Tax1709. Registration procedures amended againFebruary 2009 – Issue 114
In response to a study that showed that VAT compliance is one of the highest costs to businesses and that the VAT registration process is particularly...
Value-added Tax1677. Fractional ownershipNovember 2008 – Issue 111
Fractional ownership is currently a rapidly growing global trend. It enables people to own a share in a desirable vacation property, although fractional ownership of o...
Value-added Tax1696. Deregistration pitfallsJanuary 2009 – Issue 113
The compulsory VAT registration threshold is set to increase from R300 000 to R1 million in March 2009 and many business owners are looking forward to the day that t...
Input VAT: When Sars says "no"
08 June 2008
There are certain items in the VAT Act where the claiming of input tax is specifically prohibited.
Accounting for VAT by a business should be a simple exercise. Y...
1813. Cancellation of registrations by SARS
January 2010 - Issue 125
During January 2009, SARS sent letters to a number of vendors notifying them that their VAT registrations had been suspended and that they needed ...
1911. Security for transfer duty certificate
January 2011 - Issue 137
SARS issued correspondence on 4 August 2010 relating to the application for exemption from transfer duty in terms of Section 9(15) of the ...
529. Residential property
Value-added tax can have serious consequences for the unwary in the purchase or sale of fixed property.
Although transactions involving commercial property are not entirely uncomplic...
Zero-rated and exempt supplies
The following goods and services are
• 19 basic food items
1955. Importers input tax
May 2011 - Issue 141
Importers using accredited importing agents can sleep well at night in the knowledge that all VAT issues relating to importation are well under control, as the ...
1935. Marketing expenditure
A question that often arises is whether expenditure incurred by a vendor should be classified as
'entertainment' for purposes of the Value-Added Tax No. 89 of 1991 (the VAT Act). Where
627. VAT on deposits received
In terms of the definition of "consideration" in the VAT Act, it is stated that a deposit (other than a deposit on a returnable container),...
October 2009 Issue 4
Welcome to the 4thedition of e-VATline. e-VATline is a monthly publication that provides
you with guidance on complicated VAT issues facing your business. It also highlights red
flags that yo...
TAX TIP - VAT RETURNS AND THE CLAIMING OF VAT ON SECOND HAND GOODS
Claiming Vat on second hand goods
A lot of taxpayers registered for Vat do not claim Vat on second hand goods they buy, as they are not aware of the deemed input vat provi...