Transcription of Value-Added Tax VAT 404
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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.
All references to sections hereinafter are to section of the ValueAdded Tax Act 89 of 1991 (the - s VAT Act), unless the context otherwise indicates.
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