SARS issued Binding General Ruling (BGR) 14 on 22 March 2013.
BGR sets out the VAT treatment of the issues listed below which have
been highlighted during discussions with the short-term insurance
• The time of supply in relation to the supply of short-term insurance and the related intermediary services •
Alternative documents to be used as a tax invoice in respect of the
supply of short-term insurance and the related intermediary services • Approval to issue recipient-created tax invoices, debit or credit notes • International transport policies including stock through-put, goods in transit, marine insurance policies and travel coupons • Hull and associated liability insurance • Insurance cover provided to South African residents in respect of fixed property and movable property • Excess payments • Indemnity payments • Third party payments • Recoveries • Group accident claims • Reinsurance.
BGR 14 is effective from 1 July 2013 and will apply for an indefinite period.
Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.
MINIMUM REQUIREMENTS TO REGISTER
The Act requires that a minimum academic and practical requirments be set to register with a controlling body. Click here for the minimum requirements of SAIT.