NOTIONAL INPUT TAX CREDIT: FIXED PROPERTY ACQUIRED BY A VAT VENDOR FROM A NON-VAT VENDOR

INTRODUCTION Where a VAT Vendor acquires fixed property from a Non-VAT Vendor, such transaction is subject to Transfer Duty at the prescribed rates. Prior to 10 January 2012, the purchasing VAT-Vendor was (under certain circumstances) able to claim the transfer duty paid in respect of the acquisition from SARS as a notional input tax credit.
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Vincorp (Pty) Ltd v Trust Hungary ZRT (0612017) [2018] ZASCA 35 (27 March 2018)

INTRODUCTION & BACKGROUND This matter deals with whether there were a series of agreements for the sale of wine barrels between the parties namely, Vincorp (Pty) Ltd (“the Appellant”) and a Hungarian company, Trust Hungary ZRT (“the Respondent”). In particular, whether there existed the requisite animus contrahendi in respect of both parties. The Respondent, alleging
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