The Minister of Finance plans to introduce the Tax Administration Law Amendment Bill, 2024, in the National Assembly soon. This Bill aims to amend several key acts, including the Value-Added Tax Act, 1991.
The Minister of Finance in South Africa intends to introduce the Tax Administration Law Amendment Bill, 2024, in the National Assembly in the near future
Public
Other countries
Author: Ivana Picajkić
Category:
Fiscal subject related
General information
Views:
17
Content accuracy validation date:
18.11.2024
Content accuracy validation time:
08:10h
The Bill aims to amend several key acts including the Value-Added Tax Act, 1991. The proposed amendments to the Value-Added Tax Act, 1991, include:
- Extended Time for VAT Accounting: The period for accounting for VAT on imported services will be lengthened,
- Refunds for Reduced Tax: Refunds will be available if the tax amount decreases due to subsequent events, applicable to non-registered importers and services without an assessment,
- Residency Waiver for Vendors: The requirement for representative vendors of electronic service suppliers to reside in South Africa will be waived, extending this concession to non-resident vendors with limited presence in specific cases.
- Additional Amendments: Other consequential amendments will also be included.
Here is the link for the Publication:
Other news from Other countries
New document was uploaded: Recorded webinar: E-invoicing for Global Retailers
Public
All countries
Author: Kristina Dosen
If you are struggling with complex e-invoicing implementations across multiple countries, and if you are concerned about mounting costs, potential delays, or compliance risks, our webinar will help you to learn how global retailers can streamline e-invoicing efficiently! With countries worldwide mandating e-invoicing, international retailers face unique challenges adapting to new regulations acros... Read more
South Africa’s National Treasury is taking steps to enforce the legislative changes regarding the VAT treatment od Electronic Services Providers
Public
Other countries
Author: Ivana Picajkić
Other countries
Author: Ivana Picajkić
South Africa's National Treasury is set to implement legislative changes regarding the VAT treatment of Electronic Services Providers, as announced in the 2024 Budget Speech. A consultation on a reverse charge mechanism for B2B digital services provided by non-residents took place on August 31, 2024, and this new system will come into effect on April 1, 2025. South Africa’s National Treasury... Read more
Apple's Tap to Pay software, which allows sellers to accept cashless transactions without a payment terminal, has just arrived in the Czech Republic
Public
Author: Ivana Picajkić
Tech company Apple has significantly simplified payment processes for small businesses and consumers across the country by making its Tap to Pay service available in several European nations, including Czechia. Launched in 2022, Tap to Pay now complements the Czech Cvak service as a modern solution for cashless transactions that does not require a traditional payment terminal. With Tap to Pay, iPh... Read more
Legislative Council in Hong Kong passed resolution to resume collection of Hotel Accommodation Tax (HAT) at 3% rate from January 2025
Public
Other countries
Author: Ivana Picajkić
Other countries
Author: Ivana Picajkić
On October 23, 2024, the Legislative Council of Hong Kong SAR approved the Rating (Amendment) Bill 2024, which introduces a progressive rating system for domestic tenements with a rateable value (RV) exceeding HKD 550,000, effective from the fourth quarter of the 2024-25 fiscal year. For properties with an RV of HKD 550,000 or less, the rate remains at 5%. The new system will charge 5% on the firs... Read more
China introduces water resource tax
Public
Other countries
Author: Ivana Picajkić
Other countries
Author: Ivana Picajkić
On October 11, 2024, China's Ministry of Finance, Ministry of Water Resources, and State Taxation Administration issued Notice No. 28 of 2024, announcing that a pilot water resource tax will replace the existing water fee system starting December 1, 2024. This tax was initially piloted in 2016 and incorporated into the Resource Tax Law in 2019. The tax applies to individuals and entities extractin... Read more
Thailand is proposing an update in its laws to require foreign online platforms to register for VAT
Public
Other countries
Author: Ivana Picajkić
Other countries
Author: Ivana Picajkić
Thailand is proposing updates to its laws that will require foreign online platforms to register for VAT as part of a strategy to enhance regulation of online commerce and combat illegal sales. This initiative, discussed in a meeting led by the Deputy Minister, mandates that both local and foreign online businesses register as legal entities in Thailand and comply with VAT regulations. The Revenue... Read more