Mid-term budget lays ground for rise from current 15% The South African Finance Ministry’s mid-term budget indicates a fund gap likely to be filled by a VAT rise in next year’s 2024 budget. Most government departments expect to run out of money by March 2024.
SARS considers e-invoicing / digital VAT transaction reporting with pre-filled returns The South African Revenue Service (SARS) has launched a public consultation on modernising its VAT regime. This includes moving to real-time transaction report which will help offer taxpayers pre-filled VAT returns. The aims include
April 2023 update to VAT compliance rules for foreign providers of digital services South African Revenue Service (SARS) has introduced simplifications for foreign suppliers of electronic services and Foreign Intermediaries, by introducing an exception when calculating the R1 million threshold. The exception being, if a