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VATITconsulting introduces consulting services to our clients, with expert advice. VATITconsulting makes it easier for our clients to receive quick, detailed advice on Tax Implications of Transactions, the Drafting of Opinions, SARS Ruling Requests, and Alternative Dispute Resolutions (ADR). We take away this hassle from our clients, so they save time and money.
We can provide support and seek solutions in the event of SARS conducting a Tax audit. It includes assisting clients in resolving issues with SARS and recalculating VAT liabilities, verifying and obtaining documentary support to substantiate input deductions, preparing formal written responses to queries or requests for additional information.
As registered tax practitioners, we can provide our clients with formal opinions and independent concurring opinions about the correct VAT treatment of transactions.
Kindly note that the Tax Administration Act, 2011 (the TAA) also makes provisions for a taxpayer to manage its exposure to understatement penalties by obtaining written tax opinions from tax practitioners. We strongly urge clients to seek a formal about any transaction where they are unsure of its treatment.
We can also assist with the drafting and submitting ruling applications to SARS requesting guidance or confirmation of a taxpayer's view about VAT Tax treatment of specific supplies and transactions.
The VRR is not designed to provide detailed assurance in respect of the Client’s VAT affairs but was developed to identify high-level risk areas where VAT was or may potentially not be treated correctly. Our VRR includes the verification of selected transactions and focus areas which the Tax Authority would generally audit. VAT IT utilises its own software and techniques to ensure that the data is accurately and timeously analysed.
A business should have a reputable tax practitioner to assist them with assessments raised by SARS. A default or omission in an initial objection can have adverse consequences to the outcome of any appeal.
VAT IT can assist in the drafting of formal written dispute responses to SARS. It includes requesting suspension of payments, seeking condonations for late submission of a dispute, notice of objections, a notice of appeals, and requests to participate in an Alternative Dispute Resolutions process.