All news by: Janine Bamber

Property Developers Temporarily Letting out Residential Fixed Property

Property developers who let out residential units have been dealt a blow, as relief provided for in the VAT Act has come to an end.
 
In terms of current legislation where a VAT vendor acquires assets for the purpose of making taxable supplies and this application changes, whether it be a periodic or permanent change, they are required to make a change of use adjustment and effectively repay to SARS the input tax they would have previously claimed.