n Tax Breaks Newsletter - VAT : when does it start and end for your business? : value added tax

Volume 2006, Issue 249
  • ISSN :



Extracted from text ... 2 October 2006 VALUE-ADDED TAX VAT: when does it start and end for your business? By KATHY THERSBY OPERATING a business carries many risks and compliance with South African tax laws is just one of them. Value Added Tax (VAT), an indirect system of taxation currently levied at 14 per cent, has been part of the taxation landscape for 15 years now after replacing General Sales Tax. The consequences of non-compliance with the provisions of the VAT Act can be severe. The South African Revenue Service (SARS) can, where deemed necessary, add a 10 per cent penalty as well as ..

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