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South Africa VAT budget

  • Mar 4, 2016 | Richard Asquith

South Africa VAT budget

The latest South African budget refrained from raising the standard VAT rate from the current 14% to help deal with the fast growing state deficit. But it did include a number of VAT changes, including:

  • A review of the VAT treatment of vouchers, gifts or discounts granted by loyalty schemes
  • A review output VAT relief where receivables from connected parties are forgiven
  • The option for the South African tax office to accept alternatives evidence for input VAT deductions beyond purchase invoices
  • The right to deduct input VAT incurred on part-gold goods is to be reinstated for VAT registered businesses

VP Global Indirect Tax
Richard Asquith
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 won International Tax Review's 2020 Tax Technology Firm of the Year. Richard trained as an accountant with KPMG in the UK, and went on to work in Hungary, Russia and France with EY.