- The South African Revenue Service has issued an updated VAT guide for vendors involved in construction and fixed property transactions.
- The guide reflects amendments to the VAT and tax administration laws, effective from January 5.
- The guide covers topics such as the VAT implications of building construction on fixed property and the scope of common transactions falling under the definition of “fixed property.”
- It also explains the concept of an enterprise carrying out activity “continuously or regularly” and non-enterprise activities that do not require VAT registration.
- The guide provides information on VAT registration requirements, accounting, annual adjustments based on taxable use, and more.
Source: news.bloombergtax.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
