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VAT Registrations to be Simplified

Wednesday, 17 July 2013   (0 Comments)
Posted by: Author: Moneywebtax
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Author: Moneywebtax

In his 2013 National Budget Announcement the Minister of Finance indicated there will be a move towards streamlining the VAT registration process.

While this was mentioned as part of the tax administration section of the budget the proposal has now become a tangible solution to a serious administrative burden for taxpayers, says Dirk Kotze, tax partner at global audit, tax and advisory firm Mazars.

The Taxation Laws Amendment Bill, 2013 ("TLAB"), published by National Treasury on 4 July 2013, describes a simplified registration process that should be the saving grace of many tax practitioners who have had to go through the ordeal of registering clients for VAT under the current regulations.

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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.

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