- SARS released Binding General Ruling 16 (Issue 3) on 27 November 2023, detailing the standard turnover-based method for VAT apportionment, effective for financial years starting on or after 1 January 2024. Vendors must perform a ‘true-up’ adjustment within nine months after their financial year-end, starting with those ending on 31 December 2024. Issue 3 mandates vendors to submit specific information to SARS, including their registered name, VAT number, apportionment method, and ratios, via email when filing their VAT returns. Vendors must also provide apportionment data for the previous three years when applying Issue 3 for the first time. Due to the complexities of the new rules, consulting a tax specialist is recommended.
Source: ensafrica.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"
- Maximizing VAT Benefits: Strategic Tax Moves for South African Food and Beverage Vendors
- South Africa Proposes Major VAT Reforms to Modernize Tax System
- SARS Seeks Public Input on Customs Rules for Transfer Pricing Adjustments, Ending October 2025
- South Africa’s New Voluntary Disclosure Programme to Revolutionize Customs and Excise Compliance
- South Africa Prepares Major VAT Reforms
