This course aims to assist professionals in correctly applying the fundamental principles entailed in the VAT Act in performing their duties in the accounting and tax environment.
We aim to tailor the content of this course to make it as relevant and practical as possible to the activities and duties in your firm.
Brief summary of the legal requirements and process of becoming and ceasing to be a VAT vendor, including the administrative compliance periods, navigating the eFiling system as a VAT vendor and performing VAT reconciliations.
❖ Brief summary of the driving force behind VAT:
• What is a supply and how is VAT charged on a supply?
• What kind of supplies will vendors encounter and how do we distinguish between them?
• When are vendors allowed to claim input taxes and when would it be denied? This includes a discussion on specific items on which input tax may not be claimed, such as motor vehicles and entertainment.
❖ Vat invoices, quotes and other related documents required by SARS and the content it must reflect to be acceptable.
❖ The rules for applying the zero-rate to exports.
❖ Deemed supplies such as fringe benefits and insurance pay-outs.
❖ Agents, principals and cost-recoveries.
❖ Accommodation (residential and commercial accommodation).
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❖ Miscellaneous transactions and the VAT implications thereon, including:
• Leases
• Bad and doubtful debts and creditors
❖ Should you require a specific element to be added to or removed from this list, please notify us promptly.
