South Africa Revenue Service denies Capitec's R71 million VAT payout

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South Africa,Revenue Service,SARS

The South Africa Revenue Service (SARS) says that the recent Constitutional Court ruling in favour of Capitec was not a complete whitewash against the taxman – and that the banking group would still not be getting a R71 million VAT payout.

The South Africa Revenue Service says that the recent Constitutional Court ruling in favour of Capitec was not a complete whitewash against the taxman – and that the banking group would still not be getting a R71 million VAT payout.In the protracted legal battle that has been going on since 2017, Capitec was denied a R71 million VAT refund by the revenue service , which the bank said it was owed on fees levied for loan insurance cover it offered clients free of charge.

“SARS should not have disallowed the deduction in full and should have permitted a partial deduction.” It also clarified that Capitec in no way was going to get the full R71 million return it initially applied for.

Source: Financial Digest (financialdigest.net)

South Africa Revenue Service SARS Capitec Constitutional Court VAT Payout Legal Battle Loan Insurance Cover Fees Taxable Supply Mixed Supply

 

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