SARS Intends to Modernise VAT Collection System - IT News Africa | Business Technology, Telecoms and Startup News

  • 📰 ITNewsAfrica
  • ⏱ Reading Time:
  • 42 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 59%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

SARS has now issued a Discussion Paper on Value-Added Tax Modernisation to explain its plans and seek input from VAT vendors, accounting...

In the 2023 Budget, the Minister of Finance announced that the South African Revenue Service would shortly begin to modernise the VAT collection system, in consultation with affected parties.SARS has now issued a Discussion Paper on Value-Added Tax Modernisation to explain its plans and seek input from VAT vendors, accounting system software developers or suppliers, recognised controlling bodies, public finance and municipal finance entities and the public.

Ultimately, the goal is to receive digitally-transmitted VAT data that will provide visibility of the whole VAT supply chain. Just as PAYE data is transmitted by employers from their payroll accounting systems, the VAT data obtained from source documents such as invoices or payments made or received will be digitally transmitted to SARS using secure transmission channels.

Initially, digital transmission will apply to a portion of VAT vendors who account for about 80% of VAT revenue. About 20% of the VAT vendor base currently uses technology-based accounting information systems. For example, it may require vendors to distinguish between goods and services, identify various types of zero-rated supplies, distinguish between deemed supplies and their applicable VAT rate and between various input tax deductions.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 27. in NG
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Kaspersky Unveils App for Streamlined Subscription Tracking - IT News Africa | Business Technology, Telecoms and Startup NewsKaspersky releases a Premium version of SubsCrab, app designed to assist users in monitoring their subscriptions and managing payment.
Source: ITNewsAfrica - 🏆 27. / 59 Read more »

Q2 Report: Hackers Persistently Target Healthcare - IT News Africa | Business Technology, Telecoms and Startup NewsCisco Talos Intelligence Group, among the world's leading commercial threat intelligence teams, has unveiled its Q2 2023 report
Source: ITNewsAfrica - 🏆 27. / 59 Read more »

Google's 25 Biggest Moments in Search - IT News Africa | Business Technology, Telecoms and Startup NewsGoogle first launched 25 years ago, it wasn't the first search engine. However, Google Search quickly became known for its ability to.
Source: ITNewsAfrica - 🏆 27. / 59 Read more »

Loadshedding Cannot Win Against the Cloud - IT News Africa | Business Technology, Telecoms and Startup NewsAs load shedding continues to challenge businesses and individuals alike, there emerges a beacon of hope and efficiency: cloud computing....
Source: ITNewsAfrica - 🏆 27. / 59 Read more »

Digitial Disruption Shakes the Insurance Industry - IT News Africa | Business Technology, Telecoms and Startup NewsInsurance for small and medium enterprises (SMEs) has a reputation for being complicated, opaque, paper-intensive and expensive..
Source: ITNewsAfrica - 🏆 27. / 59 Read more »

5 Apps You Can Trade Nigerian Stocks - IT News Africa | Business Technology, Telecoms and Startup NewsIn recent years, the Nigerian stock market has seen substantial growth, attracting both local and international investors.
Source: ITNewsAfrica - 🏆 27. / 59 Read more »