The South African Revenue Service (SARS) has published a new ruling detailing more documents that companies must provide for VAT tax purposes.
A new binding general ruling from the South African Revenue Service has set out further requirements for what vendors and businesses at large need to provide the tax authority to substantiate tax deductions.
The payments are typically made monthly until the loan is fully repaid and is traditionally used to finance large-scale purchases. As a result of prescribed documentation, listed under section 20 of the VAT Act, being hard to obtain, the section was amended to allow for the Commissioner of the South African Revenue Service , Edward Kieswetter, to make provisions to ensure better tax compliance, such as BGR 63.
Written confirmation that the debtor is not a vendor at the time of entering the ICA, as contained in either the debtor’s application, the ICA agreement or any other correspondence, and Written communication from the creditor informing the debtor of its obligation to disclose the goods are subsequently applied for the purpose of making taxable supplies.
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