Vat Update

• Overview of the basic rules of VAT: Types of supplies, time and value of supply, claiming input tax and VAT invoices • Overview of specific transactions for accountants to look out for such as deemed supplies, imports and exports, bad and doubtful debt and cost recoveries • The VAT201 and reconciliations for VAT (internal as well as the IT14SD) • Practical issues in the VAT environment • Recent amendments to the VAT Act • Recent amendments to the VAT legislation and SARS Guidelines • Recent court rulings addressing VAT disputes • Recent Interpretation Notes and Rulings issued by SARS relating to VAT