About this Publication:

VAT: An Introduction initiates students and practitioners into the South African value-added tax (VAT) system by guiding them through the basic principles of the Value-Added Tax Act 89 of 1991 (VAT Act). It covers the processes to be followed when dealing with VAT and sheds light on the most important case law and VAT legislation.

Complex concepts and the key objectives and principles of the VAT system are explained simply and clearly, without using unnecessary jargon. This makes VAT: An Introduction suitable for anyone who has to apply basic VAT principles in a business environment or provide general VAT advice and assistance.

The book is also an excellent study guide for students. It will help students understand the mechanics of the South African VAT system and the practical implications of VAT. Students and practitioners will find the revision questions at the end of each chapter useful to test their understanding and knowledge of the fundamentals of VAT.

Contents Include:

• Background to VAT in South Africa
• Basics of the South African VAT system
• VAT Registration
• Supplies
• Standard-rated taxable supplies
• Supplies deemed to be made or not to be made
• Zero-rated taxable supplies
• Exempt supplies
• Importation of goods
• Imported services
• Input tax
• Tax period and accounting basis
• Accounting for output tax and input tax
• Adjustments to output tax and input tax
• Documentary requirements
• VAT returns and payments
• VAT administration by SARS
• Dispute resolution
• Glossary
• Table of cases
• Table of Acts

Of Interest and Benefit to:

• Tax students
• Tax practitioners
• Tax consultants
• South African Revenue Service
• Accountants