FREE eNewsletter
Sign up to Tax BulletinGet daily tax, Vat and accounting news delivered to your inbox
Download your FREE report now
New B-BBEE codes unveiled! Find out what this means for your business...
Trade and Industry Minister Rob Davies has unveiled the new Broad-Based Black Economic Empowerment (B-BBEE) codes of good practice. Davies announced the new codes yesterday at the B-BBEE summit in Midrand. Reports suggest the codes will be published in the Government Gazette on October 11. Read on [read more...]Department of Trade and Industry set to announce new B-BBEE codes...
The Department of Trade and Industry, together with the Black Economic Empowerment advisory council, will announce new Broad-Based Black Economic Empowerment (B-BBEE) codes of good practice at a summit on 3 and 4 October, Fin24 reports. Read on to find out how this announcement could affect your [read more...]Industrial Action Report finds SA recorded the highest number of strikes last year
A 2012 Industrial Action Report tabled by the Department of Labour (DoL) has showed a significant increase in the number of strikes last year, compared to the previous four years, EyeWitnessNews reports. According to the report, there were 99 strikes recorded last year alone. Here are the key [read more...]by FSP Business, 18 October 2013 |
Section 1 of the Vat Act specifically includes partnerships in the definition of a person.
This means the Vat Act treats partnerships as 'persons'.
The Practical Tax Loose Leaf Service explains that unlike the Income Tax Act, the Vat Act makes an exception for partnerships in that it allows a partnership to apply to be registered as a vendor, despite the fact that a partnership isn't a legal person.
This is because the Vat Act requires every 'person' who carries on an enterprise, in which the total value of all taxable supplies made by that person exceeds or will exceed R1 million in any 12-month period to register as a Vat vendor.
Although the partnership is seen as a vendor for Vat purposes, the individual partners are jointly and severally liable for the vendor's duties under the Vat Act, including the payment of Vat due to SARS
So if you belong to a partnership, you and the other partners for your partnerships' are liable for your Vat obligations until you decide to terminate your partnership.
Basically, the partnership must register as a Vat vendor (if it qualifies for registration) and will be liable for its Vat. The individual partners are jointly and severally liable for the partnership's Vat.
Now that you know how the Vat Act treats partnerships, make sure you comply.
how do you formulate the charge [see the answer]