Transcription of INTERPRETATION NOTE: NO. 49 (ISSUE 2) ACT : …
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INTERPRETATION NOTE: NO. 49 (ISSUE 2) ACT : …
INTERPRETATION NOTE: NO. 49 (ISSUE 2) DATE : 13 March 2013 ACT : value - added TAX ACT NO. 89 OF 1991 (the VAT Act) SECTION : SECTION 1(1), DEFINITION OF THE TERM INPUT TAX READ WITH SECTIONS 16(2) AND 16(3) SUBJECT : DOCUMENTARY PROOF REQUIRED IN TERMS OF SECTION 16(2) TO SUBSTANTIATE A VENDOR S ENTITLEMENT TO INPUT TAX OR A DEDUCTION AS CONTEMPLATED IN SECTION 16(3) 1. Purpose This Note provides guidelines on the documentary proof that must be obtained and retained under section 16(2) to substantiate a vendor s entitlement to input tax as defined in section 1(1), or a deduction as contemplated in section 16(3)(c) to (n). 2. Background value - added tax (VAT) is aimed at taxing final consumption. As a result, where a vendor acquires goods or services for purposes of consumption, use or supply in the course of making taxable supplies, that vendor is entitled, subject to the provisions of sections 16(2), 16(3), 17(1), 17(2) and 20 to deduct from the amount of output tax the VAT paid in respect of a taxable supply made to that vendor; an amount equal to the tax fraction of any payment made by the vendor in respect of second-hand goods.
interpretation note: no. 49 (issue 2) date : 13 march 2013. act : value-added tax act no. 89 of 1991 (the vat act) section : section 1(1), definition of the term “input tax” read with
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