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2023 VAT Manual, 5th Edition
This Manual is intended as a guide on the VAT treatment of non-life insurance and reinsurance. Although the Manual mainly focuses on the VAT implications relevant to the Industry, the basic VAT principles pertaining to life insurance are also addressed.
The Manual endeavours to present the reader with a basic, yet practical understanding on how to apply the mechanics of VAT in the Industry.
This Manual is based on the provisions of the Value-Added Tax Act No. 89 of 1991 (the Act) as at 30 June 2023; Binding General Ruling (BGR) 14 (Issue 3) dated 24 March 2020; BGR 32 dated 18 March 2016 and the relevant Interpretation Notes issued by SARS, which remained in force as at 30 June 2022.
Since legislation, Interpretation Notes and other publications issued by SARS, National Treasury and the Minister of Finance change from time-to-time, readers are cautioned that such changes may impact on the content of the Manual.