Chapter Name: Value-Added Tax Act, 1991 (VAT)
Description:Regulates the imposition and collection of VAT on goods and services supplied by vendors.
Purpuse:To generate government revenue through indirect taxation on consumption.
Rational:Consultants must ensure that clients comply with VAT regulations to avoid penalties and optimize financial planning.
Chapters Topics
Purpose of the Value Added Tax Act, 89 of 1991
Explains the objectives of the VAT Act, which governs the collection of value-added tax (VAT) on goods and services sold in South Africa, including how it applies to businesses and consumers.
Compulsory registrations
Details the requirements for businesses to register for VAT, outlining which entities must register based on turnover thresholds and the VAT implications for them.
Mandatory submissions
Covers the mandatory submission of VAT returns, including deadlines and documentation required by SARS for businesses that are registered under the VAT Act.
Process for dealing with assessment
Outlines the procedure businesses must follow when responding to a VAT assessment by SARS, including filing objections, submitting documents, and complying with tax audits.