Trevor Manual, as part of his budget speech earlier this year announced an increase in the threshold for compulsory registration for VAT from an annual turnover of R300 000 to R1m. This has not yet been implemented...
"VAT vendors whose current taxable supplies are more than R300 000 but less than R1 million per annum exceed the current compulsory VAT registration threshold and cannot deregister for VAT at this stage.
Similarly, those businesses whose current taxable supplies have exceeded or are likely to exceed R300 000 per annum for the first time must register for VAT.
Draft legislation regarding the increase, and related matters will be released later this year for stakeholders' comments."
It seems that for the moment at least, nothing has changed...
Draft legislation regarding the increase, and related matters will be released later this year for stakeholders' comments."
It seems that for the moment at least, nothing has changed...
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