n Tax Breaks Newsletter - Input tax claims taken for granted now under scrutiny : value added tax

Volume 2006, Issue 240
  • ISSN :



Extracted from text ... 6 January 2006 Moneyweb's TAX BREAKS VALUE ADDED TAX Input tax claims taken for granted now under scrutiny By KATHY THERSBY ALTHOUGH VAT was introduced to South Africa in 1991, many vendors still believe that if they receive a tax invoice in respect of a particular expense and their business generally makes taxable supplies, they are automatically entitled to claim the VAT paid as input tax, according to KPMG's latest VAT Mail. KPMG says that most vendors have over the years been made aware of some of the most common, non-permissible input tax claims - for example, 'motor cars', ..

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