You cannot escape VAT when touring
On 25 May 2021, the Supreme Court of Appeal (SCA) upheld an appeal by the Commissioner for the South African Revenue Services (“SARS”) against Tourvest Financial Services (Pty) Ltd (“Tourvest”), a licensed dealer in foreign exchange, concerning its value-added tax (“VAT”) liability. The judgement sets very clear guidelines on when apportionment for VAT inputs must be made, where vendors produce both taxable and exempt supplies. […]
Assets held as security by SARS when a company is being liquidated
The KwaZulu-Natal High Court previously granted an application brought by Van der Merwe and others (acting as liquidators) requiring the Commissioner for the South African Revenue Service to release certain assets held by him under his control in a customs warehouse. The assets in question were being held by the Commissioner as security for payment […]