On 8 September 2023, the South African Revenue Service (SARS) published the Discussion Paper intended to simplify and modernize the current VAT system.
To achieve this, SARS unveiled public consultation on real-time reporting of VAT invoice data to ease the VAT return process.
How would the model look?
The VAT data acquired from the issued/received tax invoices or electronic tax invoices and made/received payments processed in the accounting data system will be digitally tra…