The South African Revenue Account (SARS) has accustomed that it is accessible to apparatus the access in Value-Added Tax (VAT) appear in the February 2018 budget.
With the VAT bulk set to access from 14% to 15% from 1 April 2018, the tax account said it has implemented a cardinal of measures to ensure that the alteration happens as calmly as possible.
“SARS teams accept been alive on changes to the systems which are acclimated to accept VAT declarations fabricated by vendors and account any VAT refunds or VAT due to SARS. Changes to the VAT201 anatomy accept been fabricated to reflect the access in the VAT rate,” it said in a account on Tuesday.
SARS added that any vendors who use its eFiling platform to abide their VAT return, and accept adored allotment that bulk periods afore and afterwards 1 April 2018, will apprehension that those adored allotment accept been removed as they accommodate incorrect VAT rates.
These Vendors charge appeal a new VAT201 on eFiling, it said.
“SARS would additionally like to appetite vendors to amend their systems to adjust to the new VAT bulk in alertness for 1 April 2018.
“This will minimise abashing for the chump and accomplish it easier for vendors to abide tax adjustable and accomplish the actual declarations to SARS.”
SARS has set up a committed VAT-rate email abode to which vendors can absolute their questions and queries.
Its acknowledged admonition has additionally categorical some of the best common questions and answers it had accustomed advanced of the VAT increase. In accession SARS has appear a abridged guide, breaking bottomward important issues.
You can acquisition some of the best important issues categorical below.
Who charge register?
How will the access affect me if I am a VAT vendor?
How do I apperceive which date to use as the transaction date for purposes of free the VAT bulk to be charged?
The VAT bulk to administer depends on the time of accumulation rules.
In simple terms, this is the date on which the transaction is accounted to action according to the VAT Act. The accustomed time of accumulation aphorism is the beforehand of when:
For best affairs the accustomed time of accumulation aphorism will apply. However, some affairs accept appropriate time of accumulation rules. Some examples accommodate food amid affiliated persons, anchored acreage affairs and food fabricated beneath chapter acclaim agreements.
Receipt of quotes, tax invoices, annals slips, and debit & acclaim notes
Read: The taxman could abuse government for crumbling money: expert
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