- South African Revenue Service (SARS) plans to introduce real-time reporting of VAT invoice data to simplify the VAT return process.
- SARS has released a Discussion Paper to modernize the VAT system and is seeking public consultation on the proposed real-time reporting of VAT invoice data.
- The data will be transmitted digitally to SARS and used to pre-fill VAT returns for taxpayers.
- The implementation of digital VAT data transmission is planned over a 5-year period, with gradual implementation starting with large taxpayers.
- SARS has researched and analyzed electronic invoicing introduction and implementation in 11 countries and aims to meet certain requirements, including introducing new platforms capable of processing and storing large amounts of data, building an efficient e-invoice validation system and process, imposing penalties for non-compliance, and building a secure system capable of withstanding possible cyber-attacks.
Source Pagero
Click on the logo to visit the website
Latest Posts in "South Africa"
- South Africa to End VAT Exemption on Low-Value Imports, Impacting eCommerce and Education
- South Africa to Implement E-Invoicing and Real-Time VAT Reporting in Major Tax Overhaul
- Law to Phase Out Import VAT Relief on Small Parcels
- South Africa Proposes VAT Amendments to Implement E-Invoicing and E-Reporting Systems
- ANC Advocates Interest Rate Cuts Over VAT Hike to Stimulate South African Economy
