- Definition of enterprise was amended on 1 April 2021
- Non-resident lessors of foreign owned ships, aircraft, and rolling stock not considered conducting an enterprise in the Republic
- Proviso extended on 1 April 2023 to include foreign owned parts leased separately
- Foreign lessors required to deregister as vendors
- Deregistration led to unintended consequence of accounting for output tax on retained enterprise assets
- Foreign lessors not entitled to input tax deduction on imported goods
- Proviso to section 8(2) inserted to release foreign lessors from VAT obligation on retained assets upon deregistration
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.
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