| THE NEW COMPANIES ACT: MAJOR CHANGES YOU NEED TO KNOW! |
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After three years of delays, the new Companies Act became effective on May 1. It aims to align our law with global laws, make the law comprehensive, easy to interpret and use. read more ...
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| Government Gazette |
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Vol. 550 Pretoria, 1 April 2011 No. 34177 read more ...
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| Documentary proof required for the zero rating of goods or services |
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A basic principle of VAT is that goods or services supplied by a vendor in the course or furtherance of the vendor's enterprise should generally be subject to VAT at the standard rate (i.e. 14%). However, section 11(1) and (2) of the Act makes provision for a vendor to supply certain goods or services at the zero-rate. In order to zero-rate these supplies, a vendor must also comply with the specific provisions of section 11(3) which requires a vendor to obtain and retain sufficient documentation to substantiate the zero rating of such supplies. read more ...
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