South Africa is going digital on VAT: what it can learn from the rest of Africa
Originally published by The Conversation – Articles (AFRICA) — Read the original article →
Election process
Completing value-added tax (VAT) returns takes time, and waiting for a refund can tie up money a business needs to pay suppliers or invest.
The South African Revenue Service wants to ease both pressures while making it harder for businesses to under-report VAT. VAT-registered businesses already file returns electronically, reporting VAT on their sales and purchases. The revenue service checks supporting invoices after submission when it requests them.
VAT is a tax on most goods and services. VAT-registered businesses charge it on the goods and services they supply, deduct the VAT they are entitled to claim on purchases, and pay the difference to the tax authority.
