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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, 17 October 2013 |
According to , 'Vat is an indirect tax on the consumption of goods and services in the economy. Revenue is raised for government by requiring certain businesses to register and to charge Vat on the taxable supplies of goods and services. These businesses become vendors that act as the agent for government in collecting the Vat.'
It's for this reason that Vat returns are legal and binding documents that constitute a declaration made to SARS. It's also why failure to submit your Vat returns and pay the Vat due is a criminal offence.
But that's not all….
Follow these three points when dealing with your VAT201 return so you can avoid costly errors
#1: Your Vat return is a type of self-assessment form. You're solely responsible for determining the amount you have to pay, says the Practical Vat Loose Leaf Service.
#2: It's vital that you enter correct totals in the relevant income blocks (1, 1A, 2 and 2A) as SARS' e-Filing system automatically calculates the Vat you owe them.
#3: The VAT201 return is divided into two sections (sections A and B) and the relevant columns are also numbered (1 to 23) to assist you complete your return accurately.
Don't forget: If you qualify for the diesel refund scheme, then you'll have to complete section C as well.
The bottom line: When you complete your VAT201 return, know what you're doing and the consequences of errors or misrepresentations. Returns are legal and binding documents.
An employee, who's been working with our company for a long time, brings her 17 year old son to work with her every morning before he starts his own job at another company. He has taken to using vacant ... [see the answer]
