General Data Protection Regulation: threat or opportunity? (1/28/18) (0)

13.07.2018

Practice

The General Data Protection Regulation (GDPR) has been in force for over a month. Many organisations are still in the process of putting all the necessary organisational procedures in place and looking for cost-effective solutions to implement all GDPR requirements. Among other things the GDPR requires that a data manager should adopt appropriate technical and organisational procedures, but a detailed description is not provided. In practice, organisations are facing substantially different requirements — acceptable to some entities but unreasonable, expensive and unnecessary for others. How do we check that our security procedures are adequate and demands our business partners make are not excessive? Read more..

Reporting supplies made over long period (2/28/18) (0)

13.07.2018

Practice

The statutory deadline is approaching that traders should report any continuous domestic supplies they have made over the last six months. The VAT return for a tax period should show supplies of goods or services made over a long period during the calendar year with no tax invoices issued or payments made in the early months of the year by agreement between the parties. This reporting deadline even binds a supplier that is not required to issue a tax invoice (e.g. for exempt financial services). Read more..

Amendments to Microbusiness Tax Act (3/28/18) (0)

13.07.2018

Practice

This article explores changes to the microbusiness tax (MBT) scheme that apply this year and those applicable from 1 January 2019. Read more..

Mini One Stop Shop: accounting and reporting (2/27/18) (0)

05.07.2018

Practice

We wrote last week (link) about the essence of the MOSS scheme, administrative relief, and registration procedures. This article explores accounting, data storage, VAT invoicing and reporting requirements for traders registered for this scheme. Read more..

Tax ruling on refurbishment costs (3/27/18) (0)

05.07.2018

Practice

On 9 May 2018 the State Revenue Service (SRS) posted on their website an advance ruling on the tax treatment of a company’s expenditure on refurbishing a building and redecorating premises when leasing the property from the company’s shareholder. This article explores the opinion expressed in the ruling as well as some aspects of tax treatment that are not covered by the ruling but should still be taken into account. Read more..