- The South African Revenue Service issued VAT Ruling No. VR 016 on March 31.
- The ruling clarifies how the varied turnover-based method of apportionment applies under the VAT Act.
- A private retail company sought clarification on using this method for its mixed income (taxable, exempt, and out of scope) from the 2023 financial year.
- The clarification addresses whether operational and non-operational income with specified variations can be included in the apportionment method.
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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