- VAT ruling VR 010 issued on 30 May 2025 under the Value-Added Tax Act 89 of 1991
- Concerns sections 17(1) and 41B of the VAT Act
- Ruling is specific to the Applicant, a South African short-term insurance company
- Approves a varied input-based method of apportionment for the Applicant
- Applicant provides domestic and international trade credit insurance
- Activities include surety and bonding services, and a salvage and recovery unit
- Income streams include taxable supplies like premium income and exempt income like interest
- Ruling allows exclusion of VAT on certain expenses from apportionment calculation
- Subject to standard terms and conditions by the Commissioner for SARS
Source: sars.gov.za
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"
- South Africa’s 5-Corner Peppol Integration to Modernize E-Invoicing and VAT Reporting by 2028
- New VAT Apportionment Reporting Requirements to SARS: Compliance and True-Up Adjustments Explained
- High Court Upholds Tax Court Ruling: Payroll Service Provider Not Liable for SDL and VAT
- Eswatini’s E-Invoicing Initiative: Advancing Tax Compliance and Digital Transformation by January 2028
- South Africa to End VAT Exemption on Low-Value Imports, Impacting eCommerce and Education
