Businesses should weigh VAT deregistration carefully
Rising the VAT threshold to R2.3m may prompt some businesses to deregister, but the process can trigger an immediate output tax liability on assets.
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Criminal liability for small businesses that fail to register for VAT
Exceeding the R1m threshold without registering could have serious consequences for businesses. SARS is stepping up enforcement, with a wave of cases landing in the Specialised Commercial Crimes Court.
