South Africa VAT registration restrictions |
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24 September 2011 The South African VAT authorities have put in new checks for non-resident companies seeking VAT registrations. This initiative has been introduced to help cut down on the levels of VAT fraud - an expanding problem mirroring Europe's difficulties. Click here to read about South African VAT compliance The principle new requirement from SARS, South African Revenue Service, is that traders can produce three-months' worth of bank statements. Previously, only a communication from a reputable bank was required. This obligation presents particular difficulties for foreign traders who use their VAT agent's bank account to make settlements. Similarly, if non-resident companies use local group subsidiaries' bank accounts to settle VAT liabilities. |
