News24 Business | SARS instructs vendors to make U-turn on VAT hike by mid-May

News24 Business | SARS instructs vendors to make U-turn on VAT hike by mid-May

With the new Rates Bill published, SARS has said that firms will be expected to reverse measures taken to accommodate the VAT hike and ask customers to pay 15% VAT come 1 May.

Kieswetter advises on what vendors should do about VAT reversal

VAT transactions which were charged at 15.5% must be reported in field 12 (for output tax) and field 18 (for input tax) of the VAT return, says the commissioner

SARS instructs vendors to continue 15% VAT charges after reversal - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

The South African Revenue Services (SARS) has urged Value Added Tax (VAT) vendors, including retailers, to continue charging the 15% VAT rate. Commissioner Edward Kieswetter says in a statement that SARS recognises the significant impact that the decision to reverse the 0.5 percentage point increase will have on VAT vendors and consumers. SARS says it acknowledges that vendors and consumers have invested in preparing for an increase in VAT durin…

VIDA and VAT Digitalisation: Modernising the EU Tax System

The European Union is taking a significant step towards modernising its tax system with the introduction of VIDA, the digitalisation of VAT. This initiative is set to revolutionise the way VAT is reported and collected, aiming to reduce fraud and increase efficiency. LeitnerLeitner, our Czech Republic member firm, offers an in-depth analysis of VIDA and its implications for businesses operating within the EU.