VAT on imported services: Implications for the collective investment scheme industry in the absence of place of supply rules in South Africa

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dc.contributor.advisorRoeleveld, Jenniferen_ZA
dc.contributor.authorOckhuis, Ivoren_ZA
dc.date.accessioned2017-01-30T10:54:02Z
dc.date.available2017-01-30T10:54:02Z
dc.date.issued2016en_ZA
dc.description.abstractThe main purpose of this study is to analyse the South African VAT implications for offshore investment via the CIS industry in the absence of detailed place of supply rules; more specifically, where the fees charged, in respect of services rendered to manage these funds, are consumed. This is accomplished by analysing the South African VAT legislation in order to determine whether it succeeds in providing certainty regarding the place of supply of offshore investments, and whether there is a VAT on imported services exposure in the CIS industry. This analysis highlights the problems associated with the limited place of supply rules in South Africa. Furthermore, this study also includes an analysis to establish whether place of supply rules exist in certain developed countries, with regard to offshore portfolio management services. These findings are compared to determine whether similar rules can be implemented in South Africa. Some foreign countries, like New Zealand, Canada and the member states of the European Union, do cater for specific place of supply rules and this is the reason for their selection. This study concludes that the place of supply rules identified in the South African VAT legislation are not sufficient to determine whether offshore portfolio management services are deemed to take place (consumed) in South Africa, and accordingly be subject to VAT in South Africa. The study further concludes that the place of supply rules recommended in the International VAT/GST Guidelines issued by the Organisation for Economic Cooperation and Development (OECD) and place of supply rules established in certain member states2 of the European Union indicate that portfolio management services should be taxed where the consumer is located. Should South Africa implement place of supply rules based on the European legislation and guidelines issued by the OECD, the problems associated with the absence of place of supply rules in South Africa can be resolved. This will ensure no competitive advantage gained for foreign or domestic service providers of portfolio management services.en_ZA
dc.identifier.apacitationOckhuis, I. (2016). <i>VAT on imported services: Implications for the collective investment scheme industry in the absence of place of supply rules in South Africa</i>. (Thesis). University of Cape Town ,Faculty of Commerce ,Department of Finance and Tax. Retrieved from http://hdl.handle.net/11427/23726en_ZA
dc.identifier.chicagocitationOckhuis, Ivor. <i>"VAT on imported services: Implications for the collective investment scheme industry in the absence of place of supply rules in South Africa."</i> Thesis., University of Cape Town ,Faculty of Commerce ,Department of Finance and Tax, 2016. http://hdl.handle.net/11427/23726en_ZA
dc.identifier.citationOckhuis, I. 2016. VAT on imported services: Implications for the collective investment scheme industry in the absence of place of supply rules in South Africa. University of Cape Town.en_ZA
dc.identifier.ris TY - Thesis / Dissertation AU - Ockhuis, Ivor AB - The main purpose of this study is to analyse the South African VAT implications for offshore investment via the CIS industry in the absence of detailed place of supply rules; more specifically, where the fees charged, in respect of services rendered to manage these funds, are consumed. This is accomplished by analysing the South African VAT legislation in order to determine whether it succeeds in providing certainty regarding the place of supply of offshore investments, and whether there is a VAT on imported services exposure in the CIS industry. This analysis highlights the problems associated with the limited place of supply rules in South Africa. Furthermore, this study also includes an analysis to establish whether place of supply rules exist in certain developed countries, with regard to offshore portfolio management services. These findings are compared to determine whether similar rules can be implemented in South Africa. Some foreign countries, like New Zealand, Canada and the member states of the European Union, do cater for specific place of supply rules and this is the reason for their selection. This study concludes that the place of supply rules identified in the South African VAT legislation are not sufficient to determine whether offshore portfolio management services are deemed to take place (consumed) in South Africa, and accordingly be subject to VAT in South Africa. The study further concludes that the place of supply rules recommended in the International VAT/GST Guidelines issued by the Organisation for Economic Cooperation and Development (OECD) and place of supply rules established in certain member states2 of the European Union indicate that portfolio management services should be taxed where the consumer is located. Should South Africa implement place of supply rules based on the European legislation and guidelines issued by the OECD, the problems associated with the absence of place of supply rules in South Africa can be resolved. This will ensure no competitive advantage gained for foreign or domestic service providers of portfolio management services. DA - 2016 DB - OpenUCT DP - University of Cape Town LK - https://open.uct.ac.za PB - University of Cape Town PY - 2016 T1 - VAT on imported services: Implications for the collective investment scheme industry in the absence of place of supply rules in South Africa TI - VAT on imported services: Implications for the collective investment scheme industry in the absence of place of supply rules in South Africa UR - http://hdl.handle.net/11427/23726 ER - en_ZA
dc.identifier.urihttp://hdl.handle.net/11427/23726
dc.identifier.vancouvercitationOckhuis I. VAT on imported services: Implications for the collective investment scheme industry in the absence of place of supply rules in South Africa. [Thesis]. University of Cape Town ,Faculty of Commerce ,Department of Finance and Tax, 2016 [cited yyyy month dd]. Available from: http://hdl.handle.net/11427/23726en_ZA
dc.language.isoengen_ZA
dc.publisher.departmentDepartment of Finance and Taxen_ZA
dc.publisher.facultyFaculty of Commerceen_ZA
dc.publisher.institutionUniversity of Cape Town
dc.subject.otherSouth African Taxationen_ZA
dc.titleVAT on imported services: Implications for the collective investment scheme industry in the absence of place of supply rules in South Africaen_ZA
dc.typeMaster Thesis
dc.type.qualificationlevelMasters
dc.type.qualificationnameMComen_ZA
uct.type.filetypeText
uct.type.filetypeImage
uct.type.publicationResearchen_ZA
uct.type.resourceThesisen_ZA
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