Value-Added Tax VAT 404

VAT 404 Guide for Vendors Value-Added Tax i 10 IMPORTANT PRINCIPLES 1. All prices charged, advertised or quoted by a vendor must include VAT at the applicable rate. (Presently 14% for standard-rated supplies). 2. Vendors are charged with the responsibility of levying VAT and paying it over to the State after deducting permissible VAT inputs and other deductions please make sure that you pay it over on time, otherwise penalties and interest will be charged. 3. VAT charged on supplies made (output tax) less VAT paid to your suppliers (input tax) and other permissible deductions = the amount of VAT payable/refundable. 4. You need a valid tax invoice or a debit note with your VAT number indicated on it as proof of any input tax deductions which you want to make. You must also keep records of all your tax invoices and other records of transactions for at least five years. 5. Goods exported to clients in an export country may be charged with VAT at 0%.

The information in this guide is based on the VAT Act (as amended) and the TA Act (as amended) as at the time of publishing and includes the amendments contained in the Taxation Laws Amendment Act 43 of 2014 and the Tax Administration Laws Amendment Act 44 of 2014 which were promulgated on 20 January 2015as per GG 38404 and GG …

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  Value, Added, Value added tax vat

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