A task force established by the South African Revenue Service (Sars) and the National Treasury to study the burden that the taxation system places on businesses has recommended an increase in the threshold at which Value Added Tax (VAT) becomes payable.
Under current rules, the VAT threshold for business is R300,000 (US$52,000).
However, under proposals being studied by Pinkie Baloyi, assistant general manager at Sars and head of the taskforce, this threshold may be increased so that firms with a turnover of less than R500,000 will not be required to register for VAT purposes.
It has been noted that this will have the twin benefits of reducing the amount of tax firms must pay, at the same time as easing the form-filling regulatory burden.
Baloyi has also indicated that further measures are being considered in order to simplify VAT-related paperwork.
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