In the 2023 Budget, the Minister of Finance announced that the South African Revenue Service would shortly begin to modernise the VAT collection system, in consultation with affected parties.SARS has now issued a Discussion Paper on Value-Added Tax Modernisation to explain its plans and seek input from VAT vendors, accounting system software developers or suppliers, recognised controlling bodies, public finance and municipal finance entities and the public.
Ultimately, the goal is to receive digitally-transmitted VAT data that will provide visibility of the whole VAT supply chain. Just as PAYE data is transmitted by employers from their payroll accounting systems, the VAT data obtained from source documents such as invoices or payments made or received will be digitally transmitted to SARS using secure transmission channels.
Initially, digital transmission will apply to a portion of VAT vendors who account for about 80% of VAT revenue. About 20% of the VAT vendor base currently uses technology-based accounting information systems. For example, it may require vendors to distinguish between goods and services, identify various types of zero-rated supplies, distinguish between deemed supplies and their applicable VAT rate and between various input tax deductions.
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Source: ITNewsAfrica - 🏆 27. / 59 Read more »
Source: ITNewsAfrica - 🏆 27. / 59 Read more »