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Are there VAT implications when buying from a non-resident?

By: Liezl Crause, Associate Director: Indirect Tax You’ve purchased a piece of machinery from a non-resident. You’ve imported it, paid the duties as well as the VAT on import and then claimed the VAT as an input tax deduction on your VAT return. All is well. Or is it? Was it correct to claim the […]

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A Tale of Two Macro-variables GDP and Tax Revenue – Part 2

In my last blog entry I discussed the dynamic relationship between economic growth and tax revenue growth. Now that we have part the curtains and let the light what do economic numbers of the current year tell us. Well, according to data published by the SARB, the domestic economy is in a pretty bad space. […]

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A Tale of Two Macro-variables GDP and Tax Revenue – Part 1

Well it’s that time of the year again, where we all keenly look to the Treasury to give guidance and present the case of the republic’s finances for the next 3 years. As has become tradition during the run up to the Medium term Budget Statement most business articles will be awash with various nail […]

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Budget 2015: VAT untouched

  Taxpayers were warned as far back as October 2014 that Budget 2015 would not be a happy one for them. Finance Minister, Nhlanhla Nene made it abundantly clear that more tax revenue was needed in the 2015/2016 year to cover the country’s budget deficit or “gap” between expenditure and revenue. The only question was […]

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BUDGET 2015: Why Tax Management?

Businesses have not always given tax management the attention it deserves. Therefore the question is often asked “why the need for tax management?” There have been a number of business changes and trends that resulted in tax management becoming increasingly important. KPMG’s Joubert Botha explains: “These factors and trends resulted in tax management not just […]

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BUDGET 2015: Tax and the Wealth Gap

There is some trepidation regarding South Africa’s upcoming 2015 budget. KPMG’s Johan Van Der Walt states: “Mind the gap is maybe the most appropriate way to describe what has been happening in the local tax space.” The looming fiscal situation is compounded by: Numerous parastatals seeking recapitalisation; Rolling load-shedding depress the growth rate; Resulting in […]

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Budget 2015: Is raising VAT the answer to our financial crises?

The Minister of Finance will be faced with a tricky situation tomorrow when he announces his Budget for the next year. In particular we know that in the October budget he had already said that there is about 30 Billion in Revenue needed in addition to the Tax Revenue that is already been collected to […]

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Tax Budget 2015: Prescription will be in the limelight

Prescription will indeed be in the limelight this year. Traditionally, taxpayers felt safe in the knowledge that, provided they had made full disclosure, a tax matter was closed 3 years after an assessment. This was also the view taken by SARS and, generally, SARS did not seek to reopen years that had prescribed. With the introduction […]

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Budget 2015: How to make the books balance – VAT

In his Medium Term Budget Policy Statement, Finance Minister Nhlanhla Nene gave little away as to how he will approach the 2015 budget, other than to make it clear that further borrowing is not an option, in fact government borrowing must be reduced, and that additional revenue of ‘about R15bn a year will need to […]

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Unlocking the value of audit

The financial statement audit has long delivered compliance and confidence, and it will continue to do so. But in today’s business environment this may not be enough. Advances in technology and an explosion of data have changed the game. Organizations and investors now have access to a breadth and depth of information that would have […]

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