As you are aware, the National Treasury announced an increase in Value Added Tax (VAT) from 14% to 15% effective 1 April 2018.
We urge you to ensure that your accounting systems are set up to process transactions at the new VAT rate of 15% from 1 April 2018. This is to avoid any penalties or interest due to an under declaration or an over claim on your VAT201return.
Also note that vendors under Category B (March/April), Category E (annual return) and most farmers registered under Category D VAT reporting periods, will have transactions subject to the VAT rate of 14% and 15% which must be correctly reflected on the VAT201return.
Related Articles
“No, we aren’t being selective…”
Emerging in the recent tax submission season, many have expressed their ongoing frustrations with The South Africa Revenue Services (SARS) regarding their methods for tax return...
VAT on electronic services
On 24 October 2018, National Treasury published new regulations pertaining to “electronic services” defined in Section 1 of the Value Added Tax (VAT) Act of 1991. These regulations...
VAT Compliance | 10 Common Mistakes to Avoid
VAT Compliance Mistakes that you want to avoid Not meeting tax return requirements, compliance matters and deadlines could lead to your company being audited and investigated by SARS....
Contact Us