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Ensure your VAT electronic records are SARS compliant with this checklist

by , 15 June 2016
Ensure your VAT electronic records are SARS compliant with this checklistSince 2012, SARS has laid down certain rules when it comes to any documents that are kept electronically. And you need to ensure that you comply with them to avoid any possible penalties.

So to help you do just that, I have set up a quick compliance checklist, consisting of three simple questions.

Keep reading and see if you can answer them...


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Ensure your VAT electronic records are SARS compliant with this checklist…

QUESTION#1: Are you keeping your electronic records for the required time?

According to section 29 of the Tax Administration Act (TAA), you must keep electronic records for 5 years.

QUESTION#2: Are you records in an acceptable electronic format?

You must be able to:

·         Provide SARS with an electronic copy of the records in a format they can readily access;
·         Send the records to SARS in an electronic form that is readily accessible; or
·         Provide SARS with a paper copy of the records and keep the records in an electronic form that is readily accessible for them.

QUESTION#3: Are you keeping your records in the right place?

You must keep your electronic records in a place that is physically located in South Africa.

NOTE: However, a senior SARS official can give permission for you to keep your electronic records outside of South Africa if the he's happy that:

·         You can access the electronic records for the duration of the period within which you are required to keep them;

·         The place where the electronic records are kept will not affect access to them;

·         There is an international tax agreement for mutual assistance between South Africa and the country in which you wish to keep the electronic records;

·         The form of the records still meets the requirements despite the physical location being outside of South Africa; and

·         You will be able to provide SARS with an acceptable electronic form within a reasonable time.

*If you can answer 'YES' to all of those questions, then your VAT electronic records are on the right track to being SARS compliant.

To learn more, page over to Chapter R 04: Record Keeping, in your Practical VAT Loose Leaf service handbook, or click here to order your copy today if you don't already have it. 

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