VAT is a complex tax and getting it wrong can have very costly and time-consuming consequences. Apart from all the specific provisions in the VAT Act, vendors must also be well acquainted with the Tax Administration Act which governs most of the administration of VAT. It is well known that SARS audits are on the rise, with increasing focus on compliance and proper accounting for transactions. Failure to comply with the VAT Act and the Tax Administration Act exposes businesses and tax practitioners to unnecessary risk, which can be reduced through a good understanding of certain basic principles.
This webinar will highlight current areas where businesses often make VAT errors, from registration to trading, making necessary VAT adjustments and properly accounting for VAT on selling and acquiring a business, including –
• Some specific VAT-risk areas to watch out for, including
o VAT on imported goods
o VAT and recovery of costs
o VAT on insurance premiums and pay-outs
o Claiming input tax
• Current VAT developments