ARTICLE · 19 NOVEMBER 2013

Value-Added Tax (VAT) Binding General Ruling No 14 (BGR 14)

KPMG, South Africa

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The South African Revenue Service (SARS) recently issued BGR 14 in respect of the VAT treatment of supplies made and received by short-term insurance companies. BGR 14 is scheduled to come into effect on 1 November 2013.

South AfricaTax

Ferdie Schneider

The South African Revenue Service (SARS) recently issued BGR 14 in respect of the VAT treatment of supplies made and received by short-term insurance companies. BGR 14 is scheduled to come into effect on 1 November 2013. Insurers will need to make the necessary adjustments to their systems and processes to ensure compliance with the new VAT ruling.

What it entails

The salient features of the ruling are:

Clarification on the time of supply in the short-term insurance industry and related transactions – a deviation from the existing position
Clarification regarding the issue of tax invoices, debit notes and credit notes where the policy documents contain certain information – changes could necessitate documentary changes

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