- Definition of “resident of the Republic” will be amended to exclude non-resident subsidiaries of companies in South Africa
- This will allow for zero-rating of services supplied by a resident to its non-resident subsidiary if services are consumed outside of South Africa
- Finance Minister Enoch Godongwana announced these proposed VAT changes in the National Budget address on 21 February 2024
Source: assets.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"
- SARS VAT Ruling: Approved Apportionment Methods for Home Shopping Retailer’s Mixed Supplies
- South Africa Faces Record VAT Debt Crisis, Personal Liability and Criminal Charges Loom for Non-Compliance
- Proposed VAT Law Change Threatens Financial Stability of South African Private Schools
- South Africa Considers Raising VAT Registration Threshold Amid Calls for Reform and Modernisation
- South Africa Proposes 20% National Tax on Online Gambling Revenue
