South Africa
Public consultation - discussion paper on value added tax modernization
The South-African Revenue Service has published a discussion paper on Value Added Tax Modernisation.
In line with international trends in making the VAT system agile and easy to administer, SARS is of the opinion that there is a growing acceptance for the adoption and implementation of real-time or close to real-time transmission of VAT data to the tax authority.
SARS' recently launched public consultation on the modernisation initiative will entail a staged approach, which will include, amongst others, the following:
- development of VAT data models
- determining suitable technologies to be used
- consultation and collaboration with vendors and other relevant stakeholders
- integration of vendors accounting information systems with SARS systems
- testing and implementation of the data models, the vendors accounting information systems and SARS systems
The discussion paper is available on the SARS website:
https://www.sars.gov.za/wp-content/uploads/Docs/VAT/Discussion-Paper-on-Value-Added-Tax-Modernisation.pdf
All affected stakeholders are invited to submit contributions and comments by 31 October 2023.
Schedule a Free Consultation
Let us show you how we can support your business to send 100% compliant e-invoices in 54 countries. Please provide your details and one of our team will be in touch.
