- Vendors in South Africa must respond to VAT verification notices within 40 business days
- If the VAT verification results in an additional amount payable, vendors can request suspension of payment
- The recent VAT verification notices are more comprehensive and specific, requesting different information from each vendor
- An estimated assessment can only be objected to or appealed if SARS decides not to make a reduced or additional assessment after the vendor submits the required information within the timeframe.
Source: kpmg.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.
Latest Posts in "South Africa"
- VAT Fraud Syndicate Threatens South Africa’s Economy, Costs Billions in Lost Revenue and Market Share
- SARS Limits E-Commerce Imports Under Customs Code 70707070 to R150,000 Per Year for Individuals
- How Edward Kieswetter Helped South Africa Avoid a 2% VAT Increase Through Tax Modernisation
- South Africa Clarifies VAT on Sale of Fixed Assets and Joint Venture Interests
- SARS Clarifies Tax on Reinsurance Business Transfer to Nonresident Branch; Dividend and VAT Implications
