A live feed of your business’ VAT data to the South African Revenue Service (SARS) could become a reality in the next five years, if a recent discussion paper is anything to go by.
In what could mark one of the biggest changes to South Africa’s VAT regime since 1991, SARS earlier this month published its discussion paper on “Value-Added Tax Modernisation“.
The paper is inviting input from various stakeholders and the public with the aim to initiate a process to modernise South Africa’s sales tax system and update the VAT return to enhance compliance, efficiency, and transparency.
- How businesses can prepare
- Considerations for SARS
Source: www.news24.com
