The South African Revenue Service (SARS) has published a discussion paper on ways to modernise the VAT collection process.
Joon Chong from Webber Wentzel said that VAT is the second-biggest tax revenue for the South African government, but SARS has noted that the collection methods lag behind other tax products.
VAT has the least supply chain visibility from a self-assessment viewpoint, leading to a greater risk of leakages and the need for regular audits.
Source: businesstech.co.za
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