It's an undisputed fact that VAT is a deceptively complicated subject with many demons lurking in the details. It is therefore expected that SARS will increase their focus on compliance with transactional tax such as VAT. To this end, SARS recently announced a focus on forensic audit methodology in driving tax compliance of high risk areas.
Failing to comply with the letter or the VAT Act and rulings will unnecessarily expose tax practitioners and their clients.
Be informed and prepared for SARS' increased focus in driving tax compliance.
This seminar is dedicated to tax practitioners and form part of the SAIT ‘fundamentals’ series of seminars for tax practitioners aimed at covering all the basics of VAT in a clear and comprehensive manner.
The seminar will also cover an update of recent developments.
- VAT in South Africa: an overview
- The definition of ‘enterprise’, including specific inclusions and exclusions
- VAT registration
- Supply in law and in practise
- Types of supply
- Importation of goods and services
- Intercompany supply
- Time and value of supply
- Input tax
- Tax invoices, self-invoicing and credit and debit notes
- Notional input tax
- Record keeping
- Dealing with SARS
- SARS audits
- The importance of record keeping
- Penalties and interest
- Dispute resolution and the consequences of getting VAT wrong
- Common pitfalls and difficulties of VAT
- Quotes and Pro forma invoices vs. valid tax invoices
- Subsistence expenses
- Documentation required to be kept for at least 5 years
- Outstanding taxes – refunds from SARS
- Documentary requirements in respect of exports
- Reconciling VAT output to turnover
- Incomplete VAT returns
- Intercompany transactions
- Keeping required documents in respect of imports
- Importance of correct quotation of law and correspondence to SARS
B Com (RAU), ADV Tax Cert (Unisa), H-Dip Int Tax (RAU)
Victor Terblanche is the Managing Director at VAT IT South Africa where he currently provides VAT consulting and training services to various corporate clients. He has more than 20 years’ experience in VAT consulting which includes SARS, Deloitte and VAT IT. Victor currently serves as the Chairman of SAIT’s VAT Committee and often interacts with National Treasury and SARS to provide comments and proposals for VAT law amendments. He regularly contributes VAT technical articles for various publications and has also consulted clients in other tax jurisdictions including Mozambique, Namibia, Bahamas, Morocco and the United Kingdom. Being in a position where he is exposed to global VAT trends and consulting on a daily basis, he possesses an in-depth knowledge in his field of expertise.
This event and successful completion of the online assessment will secure 4 hours verifiable output CPD points/units.
Including the following professional bodies. (SAICA, CIMA, SAIPA, SAIBA, ACCA, FPI, CSSA, LSSA, FISA, ICBA, IAC, AAT)
Option 1 - Seminar:
Free for General Tax Practitioner CPD Subscribers (Please use your promo code to register)
Important: Printed copies of notes is optional and will cost additional R50 per set and must be ordered. Electronic notes will be emailed to all registered delegates 2 days prior to the event. Should you require a printed copy on the day of the seminar kindly select the printed seminar notes when registering for the event.
Option 2 - Dedicated Webinar Broadcast
This dedicated CPD webinar will be presented on 19 July 2016
Company Price: R850.00
Option 3 - DVD
This CPD event will be recorded and available to purchase on DVD. Available 29 July 2016.
Payments & Cancellations
- All payments must be made by EFT or by credit card, at least 3 working days before commencement of an event.
- Kindly note that should payment not been received 2 days after the event, legal action will be taken
- Proof of payment will be requested at registration, if payment at that point in time has not been reflected on SAIT's bank account.
- Only written notice of cancellation will be recognised.
- If the cancellation occurs more than 4 working days prior to the event no cancellation fee will be charged.
- If the cancellation occurs less than 4 working days prior to the event a 100% cancellation fee will apply.
- Delegates who book and fail to attend will be liable for the full event fee.
- SAIT's liability in the case of an event being cancelled will be limited to a refund or credit of the event fee.
- Please click here for the full terms and conditions.