SAIPA Professional Evaluation Exams 2016 - Important dates
Hi, I would like to confirm that the same rules apply to the VAT charged and paid in Botswana as in SA. I have clients that does hunting in Botswana and thus also buy claimable supplies in Botswana. The VAT they pay in Botswana is obviously not allowed to be claimed under normal VAT on the VAT101 form.
VAT paid in South Africa is governed by domestic VAT legislation - it has nothing to do with Botswana Tax Authority. Similarly, the Botswana Vat system is governed by their domestic VAT legislation. It is not possible to obtain 100% familiarity with VAT legislations of other countries.
Company AA writes off R2mil of a loan of R14mil which Company BB owed to Company AA. What is the correct journal entries for each company? Is the taxbase of the write off the full R2mil? Is the CGT calculated on the full R2mil of the write off, ie. R2mil x 28% x inclusion rate?