- Is this a valid tax invoice?
- We all know that you can claim input tax for any amount less than R5 000, with an abbreviated, or shortened tax invoice. This means the name, address and VAT number of the buyer doesn't have to appear on the tax invoice. Essentially, it can be made out as 'cash'.
Now have a look at this abbreviated tax invoice below. What do you think is glaringly wrong with it?
*************Errors in your ... ››› more
- [23 March 2017]
- Do you have an 'Isak Engelbrecht' issuing false tax invoices in your company's name?
- I've just had an urgent call from Peter Franck, my Editor-in-chief of the Practical VAT Loose Leaf Service, that I have to share. At his most recent meeting at SARS, Peter learnt about a man named Isak Engelbrecht.
SARS caught Isak issuing false tax invoices to his crooked buddies! Isak's friends would claim the input tax and then split it up amongst themselves. But there was no corresponding ... ››› more
- [22 October 2015]
- Are you claiming input tax on expenses you shouldn't be?
- Many companies think if they get a tax invoice, they can automatically claim the Vat they pay as input tax.
What they don't always remember is, they have to group their expenses into three main categories to determine the correct Vat treatment for input tax purposes because each one has different Vat requirements.
Let's look at the three categories you must use, or risk a costly SARS assessm... ››› more
- [06 May 2014]