![]() Repossessions and surrender – Section 20(8) previously dealt with documentation in connection with second-hand goods, and repossessions and surrender of goods previously supplied under an instalment credit agreement (ICA).The new dispensation is subject to QP1 complying with the documentary requirements prescribed in regulation 10 of the Export Regulation. QP1 must be a non-resident non-registered vendor, that acquires goods from a vendor and merely takes ownership of the goods in South Africa for a moment in time. A new proviso (xiv) was therefore inserted into the definition of “enterprise” to exclude the activities of a “qualifying purchaser” (QP1) supplying goods to another “qualifying purchaser” under a “flash title” as defined in the Export Regulation published in Government Gazette (GG) 37580 on (the Export Regulation). This approach was applied even if the non-resident had no intention to carry out any other commercial activity in South Africa. Flash title sales – Before this amendment, non-resident entities that take ownership of goods in South Africa on a flash title basis and immediately on-sell such goods to other non-resident entities (customers) for export by the customers were regarded as carrying on an enterprise in South Africa.See the article “Non-resident lessors of ships, aircraft and rolling stock under a rental agreement” in VAT Connect Issue 12 for more information on the requirements. The scope of this proviso has now been extended to include the leasing of foreign-owned parts relating to such foreign-owned ships, aircraft or rolling stock if those parts are leased under a separate agreement. Cross border leases of foreign owned parts – In 2020 proviso (xiii) to the definition of “enterprise” was inserted to clarify that a non-resident lessor is not regarded as carrying on an enterprise in the Republic when foreign-owned ships, aircraft or rolling stock are leased for use in the Republic, subject to certain conditions being met.The amendments came into effect on 1 April 2023 unless otherwise stated.Ī brief summary of some of the more important VAT amendments is provided below: The above amendment Acts were all promulgated on 5 January 2023 as per Government Gazettes ( GGs) 47862, 4785 respectively. ![]() See also the Rates and Monetary Amounts and Amendment of Revenue Laws Act 19 of 2022. Memorandum on the Objects of the Tax Administration Laws Amendment Bill, 2022.Explanatory Memorandum on the Taxation Laws Amendment Bill, 2022.Tax Administration Laws Amendment Act 16 of 2022Įxplanatory Memoranda to the above Acts can be accessed by clicking on the links below:.These documents can be accessed on the SARS website by clicking on the links below: Recently the following Acts containing amendments to the VAT Act were published. ![]() See the media statement for more information.
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