South Africa 2015 Value Added Tax update
- 31 July 2014 | Richard Asquith
The new changes include:
- Withdrawal of the option for paper import VAT reclaims. Companies must now use the electronic forms for the recovery of import VAT.
- Revised proof of import documentation for companies using agents to import goods on their behalf.
- A new requirement to compel tax agents to send VAT invoices on behalf of their foreign clients out within 21 days of the taxable supply.
- Good supplied to the agricultural industry are to be reclassified as zero rated for VAT.
- As an anti-fraud measure, the withdrawal for the right to deduct VAT on gold purchases from non-VAT registered supplies.
- Confirmation that newly registered VAT payers may not subsequently reclaim input VAT on supplies made prior to registration.
VP Global Indirect Tax Richard Asquith
Richard Asquith is VP Global Indirect Tax at Avalara, helping businesses understand their compliance obligations as they grow globally. He is part of the European leadership team which this year won International Tax Review's Tax Technology Firm of the Year. Richard qualified as an accountant with KPMG in the UK, and went on to work in Hungary, Russia and France with EY.