by root | Feb 23, 2018 | Did You Know Series, SARS Taxes
South Africa operates a VAT system whereby businesses (vendors) are allowed to deduct the VAT incurred on business expenses (input tax) from the VAT collected on the supplies made by the business (output tax). The most important document in such a system is the tax...
by root | Feb 23, 2018 | Did You Know Series, SARS Taxes
“Non-Taxable Income” or “Exempt Income” is income which you receive which you are allowed to exclude from your Gross income and in so doing you do not get taxed on it. Some Examples include: Dividends received from a South African source South African interest...
by root | Nov 11, 2016 | Did You Know Series, SARS Taxes
The Tax Administration Act (TAA) Section 41 allows SARS to select you for an audit by: 1. By random selection; 2. On a cyclical basis; or 3. With an audit/verification.
by root | Nov 11, 2016 | Did You Know Series, SARS Taxes
Category A: Bi-Monthly - Un-even Months 2 month period ending on uneven months (January, March, etc). Applicable to vendors with taxable supplies not exceeding R 30 million in a 12 month period, or farmers with taxable supplies that exceed R 1.5 million in a 12 month...
by root | Nov 2, 2016 | SARS Taxes
What is a VAT refund? A VAT refund is an amount of VAT that is payable by SARS to a vendor, where the total amount of input tax exceeds the total amount of output tax in a particular tax period, or a vendor has paid an amount of VAT, in excess of the amount that...
