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VAT registrations – What is all the fuss about? – Part 4 (final)

Posted by: Ibay | Posted on: September 26th, 2016 | 0 Comments

Documentation

The supporting documentation that is to be supplied along with the application varies dependent on the nature of the person registering for VAT. These are no longer detailed on the face of the VAT application but are addressed and further explained in SARS’ guide to the completion of VAT applications. A summary of the documentation that currently needs to accompany your application are as follows, but are not limited to the following items:

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Intestate succession

Posted by: Ibay | Posted on: September 26th, 2016 | 0 Comments

Intestate succession

This article will explain briefly what will happen when someone passes away without having a will or where the will is not valid nor is there any other valid document that indicates how the assets should be disposed of or distributed. There are certain rules set out in the Intestate Succession Act that identifies who the beneficiaries are entitled to succeed to the deceased’s estate.

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SARS Special Stoppers

Posted by: Ibay | Posted on: September 26th, 2016 | 0 Comments

We received an article from SAIT regarding SARS Special stoppers and would like to share the information with you as follows:

We note that the issue of refunds remains of great concern to our clients.  We are sending this alert to inform you that you are not alone in your concerns.  The issue of refunds is a widespread issue based on the myriad of complaints we are receiving daily (and further based on our discussions with other key recognised controlling bodies).  The most urgent concerns relate to ITR12’s, with VAT refunds being an ongoing issue.

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Investing opportunities in Madeira.

Posted by: Ibay | Posted on: June 29th, 2016 | 0 Comments

Do you want to consider other foreign investment opportunities? If so, have a look into what Madeira has to offer.

Madeira is an island which falls under the Portugal treaty for tax purposes, however, the Portuguese Constitution of 1976 granted political and administrative autonomy to Madeira. Therefore, from a political point of view, Madeira has its own government and legislative parliament. The Madeira Regional assembly has the right to create laws for the region, as long as it does not contradict the Constitution or the assembly of the Portuguese Republic. One of Madeira’s main characteristics is its political stability, with the Social Democratic Party in power since 1978.

Madeira is also fully integrated in the European Union and located in the Atlantic Ocean, 900km Southwest of Lisbon. The island cluster (archipelago) consists of a population of about 250,000 inhabitants. The Capital of the Madeira region is Funchal, which is a very cosmopolitan city due to its tourism industry.

Some highlights to invest in Madeira in a “nutshell”.

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VAT registrations – What is all the fuss about? – Part 3

Posted by: Ibay | Posted on: June 29th, 2016 | 0 Comments

Voluntary registrations

A taxpayer may choose to voluntarily register for VAT if it is carrying on an enterprise and has already exceeded the minimum threshold of R50,000 supplies made in the past 12-month period. Taxpayers often fret that they would only generate this turnover in a month or two and that they will lose out on the VAT they paid on their start-up investment being the capital goods purchases. Remember the ability to claim this VAT in terms of section 18(4) of the act!

There is however good news for taxpayers who can’t or don’t want to wait that long to enter the VAT net. Section 23 of the act was recently amended to allow a person to register for VAT even if the threshold of R50,000 in taxable supplies in a consecutive 12-month period has not been met. A person who hasn’t made any supplies or their supplies do not yet exceed R50,000 needs to satisfy the Commissioner that it can be reasonably expected that taxable supplies in the following 12-month period commencing from the date of registration will be made.

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