South Africa | Tungsten Network https://www.tungsten-network.com The journey to world-class starts here. Tue, 02 Aug 2022 14:08:33 +0000 en-GB hourly 1 https://wordpress.org/?v=5.9.3 New invoicing requirements for digital service providers https://www.tungsten-network.com/compliance-overview/country-updates/country/south-africa/new-invoicing-requirements-for-digital-service-providers/ https://www.tungsten-network.com/compliance-overview/country-updates/country/south-africa/new-invoicing-requirements-for-digital-service-providers/#respond Wed, 23 Mar 2022 12:59:54 +0000 https://www.tungsten-network.com/compliance-overview/country-updates/country/%country%/new-invoicing-requirements-for-digital-service-providers/ This month, we are seeing many countries implementing fiscal obligations for digital service providers. In South Africa, alongside these new obligations, we can see a direct impact on the content required in invoices, too, alongside these new obligations. The South African Revenue Service (SARS) has clarified the new requirements for tax invoices issued by digital […]

The post New invoicing requirements for digital service providers first appeared on Tungsten Network.]]> This month, we are seeing many countries implementing fiscal obligations for digital service providers. In South Africa, alongside these new obligations, we can see a direct impact on the content required in invoices, too, alongside these new obligations.

The South African Revenue Service (SARS) has clarified the new requirements for tax invoices issued by digital service providers in a new Regulation issued on 10 December 2021. As a summary:

• The invoice must now contain the customer’s business, postal or residential address; an email address is no longer sufficient;
• A ‘full and proper’ description of the services supplied must be included;
• The value of the supply must now be shown on an invoice- not just the VAT amount, as previously was the case.

Such changes also serve a more practical purpose. South Africa taxes B2B supplies of digital services by foreign businesses. Implementing more stringent measures in respect of the invoice data content will make it significantly easier for buyers to reclaim VAT.

The post New invoicing requirements for digital service providers first appeared on Tungsten Network.]]> https://www.tungsten-network.com/compliance-overview/country-updates/country/south-africa/new-invoicing-requirements-for-digital-service-providers/feed/ 0 South Africa changes VAT rates https://www.tungsten-network.com/compliance-overview/country-updates/country/south-africa/south-africa-changes-vat-rates/ Sat, 31 Mar 2018 22:00:00 +0000 https://www.tungsten-network.com/compliance-overview/country-updates/country/%country%/south-africa-changes-vat-rates/ Standard VAT rate is increased from 14% to 15% from 1 April 2018.

The post South Africa changes VAT rates first appeared on Tungsten Network.]]> Standard VAT rate is increased from 14% to 15% from 1 April 2018.

The post South Africa changes VAT rates first appeared on Tungsten Network.]]> South Africa changes VAT rates https://www.tungsten-network.com/compliance-overview/country-updates/country/south-africa/south-africa-changes-vat-rates-2/ https://www.tungsten-network.com/compliance-overview/country-updates/country/south-africa/south-africa-changes-vat-rates-2/#respond Sat, 31 Mar 2018 21:00:00 +0000 https://www.tungsten-network.com/compliance-overview/country-updates/country/%country%/south-africa-changes-vat-rates-2/ Standard VAT rate is increased from 14% to 15% from 1 April 2018.

The post South Africa changes VAT rates first appeared on Tungsten Network.]]> Standard VAT rate is increased from 14% to 15% from 1 April 2018.

The post South Africa changes VAT rates first appeared on Tungsten Network.]]> https://www.tungsten-network.com/compliance-overview/country-updates/country/south-africa/south-africa-changes-vat-rates-2/feed/ 0