South Africa to review VAT compliance issues
A Tax Review Committee is to review a number of aspects of the South African VAT compliance regime. Its aim will be to improve the efficiency of the system, and bring it closer into line with other countries. This issues will include:
- An evaluation of the balance between indirect (VAT) and direct (business and income) taxes.
- Improvements to the filing regime to help small and medium sized companies
- How to fairly levy VAT on online sales to consumers
- The opportunities for levying VAT on financial and insurance services
One potential outcome would be to increase South African VAT from the relatively low rate of 14%.
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