TradeTaxPlus Blog’s

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Respublica – I told you so!

The Supreme Court of Appeal overturned the original judgement in the Respublica case. Originally the High Court issued a declaratory order that facilities rented to the Tshwane University of Technology (TUT) by Respublica for the ultimate supply of accommodation to...

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Additional zero-rated items – Really!?

The announcement of the new proposed zero-rated items begs the question why it was necessary to go to such lengths to prepare a financial model to identify “qualifying products“, and then to select products purely on political grounds due to the...

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Cryptocurrencies – So now we know, or do we?

A proposed amendment to the VAT Act will in future exclude exchanges of cryptocurrencies from taxable supplies. The proposed amendment introduces a new category of exempt financial services. A much  simpler solution would have been to extend the definition of...

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Branches – No place to hide from the tax man!

Currently a business is allowed to register its separate branches separately for VAT. The VAT Act deems each branch as a separate person for VAT purposes. A new proposed amendment to the VAT Act will make it clear that for the purposes of debt collection, the branches...

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JV member partners beware!

A proposed amendment to the VAT Act will make joint venture partners jointly and severally liable for the VAT liability of the JV. Be warned!

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Cryptocurrencies and VAT

Annexure C to the Budget Speech indicates that SARS is looking at the tax and VAT treatment od cryptocurrency transactions. No detail is provided. Watching this space in anticipation!

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Easier to amend tax invoices

A proposed amendment to the VAT Act will allow businesses to correct and re-issue tax invoices where some of the information on the invoices is incorrect. The replacement invoice will not be regarded as a second invoice for the same supply. The proposed amendment is...

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