SARS NEWS FLASH for Non-Exec Directors
SARS regulation require certain Non-Exec Directors to register for VAT
If you are a Non-Executive Director, you may be required to register for VAT under new regulations published by SARS.
SARS recently issued a binding ruling which confirms that a Non-Executive Director who carries on enterprise in South Africa is required to register and charge VAT in respect of any director’s fees earned for services rendered as an Non-Executive Director if the value of such fees exceeds R1 million in any consecutive 12-month period.
If you are affected by this ruling, find out more by clicking through to the SARS Memorandum here
Contact us at I&DRS for information on Tax Risk Insurance firstname.lastname@example.org