VAT Refresher part 1: Indirect Taxes In 2024 - Traditional Wisdom May Not Be A Wise Guide


Duration: 2 Hours

Price: R195.00

Video Type: Single

Presenter: Christo Theron
MTP(SA)

VAT

VAT
...

VAT Refresher part 1: Indirect Taxes In 2024 - Traditional Wisdom May Not Be A Wise Guide

Duration: 2 hours

Price: R195.00


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Title / Topic

VAT Refresher part 1: Indirect Taxes In 2024 - Traditional Wisdom May Not Be A Wise Guide

Presenters : Christo Theron


Overview

Of all the taxes levied in South Africa, VAT (Value-Added Tax) is the one form of tax collection that impacts every individual in the country. Everyone pays VAT at some point in their lifetime which makes it one of the most important collection mechanisms available to SARS.

For this reason, it is imperative that tax practitioners and accountants regularly refresh their technical and practical knowledge of the subject, enabling them to keep clients compliant, mitigate risk, and optimise business cash flow.

In this two-part video series, VAT expert, Christo Theron, will walk participants through the theoretical and practical aspects of VAT and Customs, bringing old memories back to life.

Session 1 sets the stage by revisiting persistent challenges faced by tax practitioners, including disputes with SARS. It addresses registration obligations, deregistration consequences, and the crucial role of proper documentation in preventing conflicts with tax authorities.

Building upon this foundation, Session 2 delves deeper into the complexities of VAT and Customs matters, serving as a sequel to the initial discussion. It will focus on areas prone to practical challenges and disputes with SARS, often highlighted in frequently asked questions.

Specifically, the session elaborates on Customs procedures and navigates through input tax intricacies, including non-deductible input tax and apportionment, drawing insights from recent rulings and case law.

By attending these sessions, participants gain not only an understanding of the subject matter but also a practical framework to address these issues independently, thereby enhancing their self-sufficiency in tax compliance matters.


Session 1

Video Content

  • VAT Registration:
    • Compulsory & Voluntary Registration
    • Suppliers of Electronic Services
    • Deregistration
  • Customs Procedures:
    • Home Use Procedure
    • Warehousing Procedure
  • Documentation:
    • Tax Invoices: General & Electronic Services
    • Debit & Credit Notes
    • Customs Documentation

Competencies Developed

On completion of the video you will:

  • Have gained an understanding and working knowledge of the two most commonly used Customs Procedures i.e. Home Use and the Warehousing Procedure.
  • Have gained an understanding of the challenges experienced in registration as a VAT vendor and which will assist you to deal with SARS where disputes arise with regards to voluntary, compulsory or registration as a supplier of electronic services.
  • Have revisited and be able to understand the importance of documentation in VAT compliance with specific reference to tax invoices, credit notes, debit notes and the link to Customs documentation.
  • In summary, the webinar will be aimed at providing you with key competencies to ensure that day-to-day compliance with Customs and VAT requirements are appropriately managed and risks are timeously detected and remedied.

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