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Non executive directors VAT registration requirement

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Description

Overview

This webinar is a must for all non-executive directors (NEDs), tax advisors, directors and companies who are obliged to appoint NEDs, to ensure that they are not at risk of exposure and fully comply with SARS Binding General Ruling 41 issued on 10 February 2017 (BGR41). BGR41 will result in adverse VAT consequences for NEDs if all the pitfalls and challenges of accounting for VAT are not fully comprehended. We will unlock the VAT implications in a step-by-step approach to ensure that all the elements are covered, from initial registration to ultimate deregistration.


Course Content

  • A short overview of NEDs
  • SARS Binding General Rulings 40 and 41 issued in respect of income tax and VAT
  • Definition of “enterprise” and VAT registration requirements
  • Calculation of turnover to determine VAT liability – what else will be included (holiday homes, sale of private assets, etc.)?
  • Input tax claimable and documentary proof
  • Apportionment of input tax claims based on NED income vs non-taxable income
  • VAT audits, assessments and penalties
  • Appointment of third parties to satisfy tax debts (can SARS put a hold on my personal bank account?)
  • Will personal assets form part of “enterprise” assets on deregistration?
  • Managing VAT compliance

Presenter

Victor Terblanche
B Com (RAU), ADV Tax Cert (Unisa), H-Dip Int Tax (RAU)

Victor Terblanche is the Managing Director at VAT IT South Africa where he currently provides VAT consulting and training services to various corporate clients. He has more than 20 years’ experience in VAT consulting which includes SARS, Deloitte and VAT IT. Victor currently serves as the Chairman of SAIT’s VAT Committee and often interacts with National Treasury and SARS to provide comments and proposals for VAT law amendments. He regularly contributes VAT technical articles for various publications and has also consulted clients in other tax jurisdictions including Mozambique, Namibia, Bahamas, Morocco and the United Kingdom. Being in a position where he is exposed to global VAT trends and consulting on a daily basis, he possesses an in-depth knowledge in his field of expertise.


 

 

WHY REGISTER WITH SAIT?

Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.

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