South African Revenue Service Updates VAT Guide for Vendors, Effective Dec. 17

• The South African Revenue Service updated the VAT guide for vendors on December 17
• The guide includes amended definitions for various relevant terms
• It discusses the registration of foreign entities and introduces a new provision to ease administrative challenges for these entities regarding VAT registration
• A VAT registered telecommunications provider can issue a credit note if the nature of the supply changes after issuing a prepaid voucher
• Supplies of goods and services not specifically exempted by law are considered out of scope supplies and input tax cannot be deducted on the VAT incurred to make these supplies
• New provisions have been introduced for dwelling units developed for sale by a developer which are temporarily let for exempt residential use while the developer continues to pursue a taxable intention of selling the units
• All previous editions of the VAT 404 Guide for Vendors are withdrawn effective December 17

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.

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