South Africa Tax Agency Issues Updated VAT Guide for Vendors on Fixed Property, Construction

The South African Revenue Service Oct. 5 issued an updated VAT guide for vendors involved in transactions involving construction and fixed property. Updates are made to reflect amendments to the VAT and tax administration laws, effective Jan. 5. Topics covered include: 1) the VAT implications of the construction of buildings on fixed property, and the scope of the most common transactions falling under the definition of “fixed property;" 2) the concept of an enterprise carrying out activity “continuously or regularly,” and non-enterprise activities that don’t require VAT registration; 3) VAT registration requirements, accounting, annual adjustments based on taxable use, and ...