SARS has published a discussion paper on its intended modernisation of the VAT collection system which will ultimately make VAT reporting faster and more transparent.
In this article, Joon Chong, partner at Webber Wentzel, delves deeper into developments.
In the 2023 Budget, the Minister of Finance announced that the South African Revenue Service (SARS) would shortly begin to modernise the VAT collection system – in consultation with affected parties.
SARS has now issued a Discussion Paper on Value-Added Tax Modernisation to explain its plans and seek input from VAT vendors, accounting system software developers or suppliers, recognised controlling bodies, public finance and municipal finance entities, and the public.
Source: it-online.co.za
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