- VAT return filing is being shifted from every tax period to once every three tax periods, with returns due within 15 days after the three-period cycle ends.
- Voluntary filing for each tax period remains allowed, and the Board can still extend deadlines without interest or penalty; electronic filing may become mandatory.
- Supplementary duty reporting will now be included in the VAT return.
- A new advance payment rule requires paying one-third of the previous three tax periods’ total tax liability within 15 days after each tax period.
- Final tax adjustment and declaration will be made in the quarterly return; turnover tax reporting is also being moved to a yearly cycle.
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.
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