Hot Topic: VAT

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Ponzi schemes will put you on SARS' radar!
VAT

The newspapers are full of stories about a crowd of South African investors who put more than R1 billion into an alleged Ponzi scheme run by a kangaroo watcher called Barry Tannenbaum.  Many of these investors say they’ll take their knock and walk away. They’d better run; SARS and the Reserve Bank already have their bloodhounds sniffing around because these schemes are often used to cover hot money, or to get money out the country!

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How to issue tax invoices when you receive payment in forex
Tax Bulletin

As I’m sure you’re aware, you must issue a tax invoice (for Vat purposes) for each taxable supply you make. The tax invoice must be issued in South African rand, except where your supply qualifies for Vat at the zero rate. But what if you receive your payment in a foreign currency?

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