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1 day ago · Below, please find issue 120 of ENS' tax in brief, a snapshot of the latest tax developments in South Africa. case law. ZYX Limited v CSARS (IT 24852) [2024] ZATC 3 . This appeal related to the disallowance of a deduction claimed by the Taxpayer in respect of customs/excise duties and levies that the Taxpayer was precluded from claiming in terms of the relevant customs legislation, as the ...
1 day ago · VAT stands for Value-Added Tax. It is a consumption tax imposed on the value added to goods and services at each stage of the production and distribution chain. VAT is a type of indirect tax, meaning it is ultimately borne by the end consumer but collected and remitted to the government by businesses at various stages of the supply chain.
10 hours ago · He added the committee’s proposals seek the achieve the goal of streamlining the tax system, thus “Making it easier for businesses to comply and for the government to administer. By consolidating these taxes into a single, more efficient VAT system, we can reduce administrative costs and increase overall tax compliance.”
10 hours ago · FinGlobal partner Pieter Muller says taxpayers must formally cease their tax residency with the South African Revenue Service (Sars) to obtain tax non-residency status. Without this formal process ...
1 day ago · The schedule entails: May 24: Cutoff for VAT paper submissions and payments. May 31: Deadline for the electronic submission and payment of VAT for Category A taxpayers, along with the settlement of estimated corporate income tax (CIT). Source: gov.za. Follow us on LinkedIn to keep up with the latest VAT news.
10 hours ago · Considering the current 7.5 percent VAT rate, the proposal includes a reduction in companies’ income tax rates and an increased exemption threshold for personal income tax. He concludes by saying “Nigeria’s VAT system places a huge burden on businesses as they are not allowed to claim the input VAT incurred on services and assets. Some ...
2 days ago · Corporate tax (excl. dividend taxes) Individual income tax VAT or GST or Sales tax Capital gains tax Further reading Lowest marginal rate Highest marginal rate Afghanistan: 20%: 0%: 20%: 0% However, in Taliban run areas, small fees have been illegally added to some groceries. Taxation in Afghanistan Albania: 15%: 0%: 23%: 20% (standard rate)
