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SARS VAT Guide On Company Acquisitions Updated

by Lorys Charalambous, Tax-News.com, Cyprus

28 March 2017


The South African Revenue Service (SARS) has released for public comment an update to its guidance on the VAT treatment of a transfer of an enterprise, or part thereof, as a going concern.

The note outlines the requirements for zero-rating the supply of an enterprise disposed of as a going concern, and the VAT treatment of a supply of goods or services used partly for carrying on the enterprise disposed as a going concern and partly for other purposes.

Section 11 of South Africa's VAT law provides for concessions from the general VAT rules for transfers of businesses as a going concern.

The guidance sets out in detail the six requirements that must be met for the supply of an enterprise to be subject to a zero rate. It then sets out exceptions where these rules do not apply to prevent manipulation of the rules.

Comments on the updated guidance have been invited until April 28, 2017.

TAGS: court | South Africa | tax | business | value added tax (VAT) | interest | legislation | penalties | services | Africa

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