SARS Tightens VAT Apportionment Rules: New Reporting Duty for South African Businesses

South African businesses registered for VAT are facing new compliance obligations from the South African Revenue Service (SARS). With the release of Binding General Ruling 16 (BGR16) Issue 3, effective for all financial years beginning on or after 1 January 2024, VAT vendors must prepare for stricter reporting standards and a new true-up adjustment requirement. […]