CATEGORIES
- (1) Negotiating Tax Debt and Payment Arrangements with SARS
- (34)Accounting
- (1)Accounting for Income Tax
- (2)Accounting for Income Tax
- (8)Administration of Estates
- (1)Advisory Services
- (1)Application of tax rates, s6(2) rebates
- (1)Assessed losses
- (4)Audit, Reviews & Other Services
- (9)Blogs
- (8)Capital Gains Tax
- (1)Capital Gains Tax - Individuals Tax
- (1)Capital Gains Tax Implications of Trusts
- (2)Case study: Home office expense
- (1)Case study: Travel allowances
- (1)Company Formations
- (1)Compliance
- (123)Corporate Tax
- (9)Customs and Excise
- (2)Deceased Estate
- (1)Deductions Pre-trade and prepaid expenses
- (1)Deregistration
- (2)Employer and Employee (PAYE and UIF Specific)
- (1)Estate Duty
- (1)Events / Webinars
- (10)Faculty News
- (2)Farming
- (152)Individuals Tax
- (1)Input - Customs Duty
- (3)Interest
- (13)International Tax
- (17)Legislation
- (1)Low interest rate loans and loan subsidies
- (1)Nature of the rights of beneficiaries
- (1)Notional input tax
- (9)Payroll
- (2)Practical Payroll
- (2)Provisional tax (Link with other Taxes)
- (2)SARS Dispute Resolution
- (4)SARS Issues
- (1)Salaried Employees
- (135)Tax Administration
- (2)Tax Administration Part 2B: Resolving Problems with SARS using the Tax Ombud
- (1)Tax Administration Part 3B Dispute Resolution - Objection and appeal
- (3)Tax Update
- (1)Tax implications of loans to trusts
- (1)Tax residence
- (1)Tax returns and payments
- (2)Transfer-Pricing
- (1)Trust Income / Gain Allocations
- (1)Trust types and income allocations
- (6)Trusts
- (72)VAT
- (3)VAT periods
- (1)Wear and tear allowances
- (1)Wills, Estates & Trusts
- (1)Zero Rated
- (1)eFiling
- Show All
Exploring Compliance: Understanding Customs and VAT Integration
- 22 April 2024
- VAT
- Christo Theron
Whether we like it or not, tax compliance has become the main focus of SARS. SARS treats non-compliance with tax legislation mercilessly. In respect of indirect taxes SARS is casting the net widely and is challenging both Customs and VAT compliance.
Introduction
Traditionally, Customs and VAT have been managed separately. There is no basis for treating them separately; they should be considered as one tax group due to their interconnection.
Businesses and tax practitioners are battling to deal with the new view of indirect taxes due to the silo approach adopted in the past.
Breaking the Silo
The webinars aim to break traditional silos and help organizations manage indirect tax. Unfortunately, this is an adapt-or-die position and not a nice-to-have.
Understanding the nature of Custom and VAT procedures goes a long way towards appreciating the link between Customs and VAT processes. The Tax Faculty is taking a leadership role to provide you with webinars that are aligned with the new reality we live in.
Compliance also involves understanding details and staying updated. For example, knowing what input tax can be claimed and when apportionment is required, are crucial to ensure that input deductions are maximized without being overstated.
The SARS Binding General Ruling 16 and the recent Constitutional Court judgement in the Capitec Bank Case demonstrate the challenges and dangers of working with historic information that may not be relevant anymore!
Some industries require understanding rules within their specific context. In this regard the Tax Faculty understands the importance of general principles versus industries specific principles. With this in mind the webinars held on the 14th and 20th of May 2024 will deal with agents and principles and residential versus commercial accommodation.
Conclusion
Managing indirect taxes contains a legal and operational component. If either of the components is neglected, the consequences could be dire for the taxpayer. Don’t go there!
Click here to book for the event.