Transcription of Value-Added Tax VAT 421 - SARS
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VAT 421 Guide for Short-Term insurance Chapter 1. Value-Added Tax VAT 421. Guide for Short-Term insurance VAT 421 Guide for Short-Term insurance Preface Preface This guide is a general guide concerning the application of the VAT Act to short-term insurance transactions in South Africa. Although fairly comprehensive, the guide does not deal with all the legal detail associated with VAT and is not intended for legal reference. Technical and legal terminology has also been avoided wherever possible. For details about the general operation of VAT, see the VAT 404 Guide for Vendors which is available on the South African Revenue Service (SARS) website ( ). All references to the VAT Act are to the Value-Added Tax Act 89 of 1991 and references to sections are to sections of the VAT Act, unless the context otherwise indicates. The Tax Administration Act 28 of 2011 is referred to as the TA Act.
VAT 421 – Guide for Short-Term Insurance Chapter 1 1 Chapter 1 Introduction 1.1 Policy background When VAT was introduced on 30September 1991, supplies of short-term insurance became
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