- How to calculate the fringe benefits of VAT on company cars
- One of the most common fringe benefits encountered on modern payrolls is the right to use a company car
Where an employee has the right to use a company car, you must calculate the VAT on the fringe benefit as follows:
Where the vehicle is a motor car (not a bus or kombi) and the input tax was specifically denied, the calculation is as follows:
0.3% x the determined va... ››› more
- [15 February 2017]
- Do I have any recourse if SARS slaps me with penalties, interest and additional tax?
- If SARS believes you intentionally under declared your output tax or over claimed your input tax, they will slap you with a hefty additional tax penalty of up to 200% of the tax.
So on top of the normal VAT of 14%, you'll now also need to pay additional VAT of up to 28%, plus a 10% penalty and interest.
You could even be prosecuted in court and can go to jail.
But is there a way out of th... ››› more
- [12 December 2016]