SAIPA Launches New Vat Guide



The South African Institute for Professional Accountants (SAIPA) has today released a unique VAT guide for its members.

“While the VAT law seems relatively uncomplicated, applying it is notoriously difficult—so much depends on context,” says Faith Ngwenya, technical executive at SAIPA. “In order to help our members deliver the high quality of advice the public expects from Professional Accountants, we have focused on creating a guide that combines theoretical and practical knowledge.”

According to Ngwenya, the guide will provide a close look at recent and forthcoming legislation and its implications, as well as a summary of older legislation. The compilers have also made good use of actual issues faced by SAIPA members over the years to show how the various laws could be applied in certain circumstances. They have also highlighted important case law and explored its implications for tax practitioners and their clients.

“The case law is both important and illuminating, providing a definitive examination of how the law is applied. It is invaluable for practitioners because it removes a lot of the ambiguity,” Ngwenya comments. “The guide is very much an attempt to help readers understand both the core principles behind the law and their practical implications.”

A unique feature of this guide is that it has been integrated into SAIPA’s Continuous Professional Development (CPD) programme. In terms of SAIPA’s regulations, professional accountants need to undertake a certain number of points (hours) on professional education during the course of each year to retain their professional status. Most sections in the guide have short questions that readers can answer online and acquire structured CPD points as indicated in each question. Time spent studying the guide will count for 4 unstructured CPD points (hours) .“SAIPA is dedicated to providing its members with the tools they need to stay ahead in the profession ” says Ngwenya. “I’m confident that this guide will be a valuable addition to their libraries.”

The SAIPA VAT Guide is produced by the institute’s  Centre of Tax Excellence, and each member will receive a free copy together with the 2013/14 Tax guide in a special budget supplement to be mailed to members late March 2013. An electronic copy can be accessed on the SAIPA’s CoTE website .