Proposed legislative change: VAT and the temporary letting of property
The VAT Act makes provision for the supply of residential fixed property by a VAT vendor (being a property developer) to be subject to VAT at the standard rate of 15%. The property developer has to charge VAT on the sale of the residential fixed property. Depending on market conditions, residential fixed property developers are […]
Will you be receiving a VAT invoice this year?
All value-added tax (VAT) vendors that have gone through a VAT verification from the South African Revenue Service know how frustrating the delays on input VAT refunds can be when supporting documents do not meet the requirements for a valid tax invoice. Below, we revisit some of the necessary key elements to ensure proper compliance in this regard. The […]
Proposed legislative change: VAT and the temporary letting of property
The VAT Act makes provision for the supply of residential fixed property by a VAT vendor (being a property developer) to be subject to VAT at the standard rate of 15%. The property developer has to charge VAT on the sale of the residential fixed property. Depending on market conditions, residential fixed property developers are at times […]
Will you be receiving a VAT invoice this year?
All value-added tax (VAT) vendors that have gone through a VAT verification from the South African Revenue Service know how frustrating the delays on input VAT refunds can be when supporting documents do not meet the requirements for a valid tax invoice. Below, we revisit some of the necessary key elements to ensure proper compliance in this regard. The […]