Page 418 - Juta's Indirect Tax

IN 49 (2) VALUE-ADDED TAX ACT: INTERPRETATION NOTES IN 49 (2)
B
Betting transactions: Awarding of a prize or winnings [s 16(3)(d)]
Money
Goods and services (including a taxable supply of second-hand goods but exclud- ing xed property)
Taxable supply of xed property Second-hand goods other than xed property
Second-hand goods: Fixed property
If the prize or winnings constitutes money, proof of payment of the money is required, for example, payment advice, bank statement, internet payment con rmation etc.
If a prize awarded constitutes goods or services, the tax in- voice for the acquisition of the goods or services and the date that the prize was awarded.
The records required under Table A Item E.
Records as set out under section 16(3)(a)(ii)(aa)
[see Table A Item B] or a purchase or sale agreement which contains the said records.1
The records as set out under section 16(3)(a)(ii)(bb)(a) [see Table A Item C].
C
Betting transactions: National Lottery Distribution Trust Fund [s 16(3)(dA)]
Proof of payment to the National Lottery Distribution Trust Fund, for example, payment advice, bank statement or inter- net payment con rmation.
D
Betting transactions: Provincial betting taxes payable in terms of the Provincial Revenue Fund [s 16(3)(e)]
(a) Copy of the return for the betting tax submitted to the relevant Province.
(b) Proof of payment of the betting tax paid to the relevant Provincial Revenue Fund, for example, payment advice, bank statement or internet payment con rmation.
E
Adjustments: Increase in taxable applica- tion or use of goods or services [s 16(3) (f)]
Goods or services acquired on a date fall- ing within a period of 5 years immediately preceding the date of the adjustment: Goods or services
Importation of goods
Second-hand goods other than xed property
Second-hand goods: Fixed property
Tax invoice5 and proof of the open market value.
Records as set out under section 16(3)(a)(iii) [see Table A Item F].4
Records as set out under section 16(3)(a)(ii)(aa)
[see Table A Item B] or a purchase or sale agreement which contains the said records.1
Records as set out under section 16(3)(a)(ii)(bb)(a) [see Table A Item C].
Second-hand goods: Shares in a share block company
Goods or services acquired on a date prior to a period of 5 years immediately preceding the date of the adjustment
Records as set out under section 16(3)(a)(ii)(bb)(a) [see Table A Item D].
(a) Copy of the asset register;
(b) Copy of the nancial statements; and
(c) A calculation (using the formula provided in the VAT Act
[see the Annexure]) re ecting the determination of the amount of the deduction.
F
Documentary proof obtained after input tax or a deduction was denied in terms of section 16(2)
[s 16(3)(g)] Goods or services Importation of goods
Second-hand goods (other than xed property)
Second-hand goods: Fixed property Second-hand goods: Shares in a share block company
Tax invoice, debit note, credit note.5
Records as set out under section 16(3)(a)(iii) [see Table A Item F].4
Records as set out under section 16(3)(a)(ii)(aa)
[see Table A Item B] or a purchase or sale agreement which contains the said records.1
Records required under Table A Item C.
Records as set out under section 16(3)(a)(ii)(bb)(b) [see Table A Item D].
* Input tax deduction is limited to transfer duty paid.
† Input tax deduction is limited to stamp duty paid.
‡ Input tax deduction is limited to VAT paid on importation.
410 Juta’s IndIrect tax 2016