Category Archives: VAT

Tax Season 2015

Tax Season 2015

Well it is that time of year again, tax season. It is time to get all of our affairs in order and submit for refunds. By now, you should have received an IRP5 from your employer, if not, request one right away. Make sure you get a medical aid certification if you pay your own medical aid, any additional income streams, rental income accounts and tax certificates for any retirement annuities. If you do your taxes all on your own, you know how hard it…

Read More »

General information on tax refunds four tourists

General information on tax refunds for tourists

Tourists must take note of the following rules and regulations before they attempt to file a VAT refund from SARS: Only the original tax invoices will be considered for VAT refund purposes. Only claims where the value of the goods exported at one time exceed R 250.00 or more will be considered for a VAT refund. Please note that the R250.00 is the value of all invoices and not the minimum value per invoice. Goods consumed and services rendered in South Africa do not qualify…

Read More »

How to claim your VAT Refund?

How to claim your VAT Refund?

Step 1 Documentation Simply identify yourself as a foreign tourist to the shop assistant, and request a Tax invoice for the goods you have purchased. A Tax invoice must contain all of the following information: The words Tax Invoice. The seller’s name and address. The seller’s VAT registration number. The date of issue of the tax invoice. A tax invoice number. A full description of the goods purchased, second hand goods must be indicated as such. The cost of the goods supplied in Rands. The…

Read More »

VAT Refund on Exported Goods

VAT Refund on Exported Goods

What is a VAT refund on exported goods? It is VAT which can be claimed by the qualifying purchasers on movable goods purchases in and then exported from South Africa. You will only qualify if the VAT is charged at 14%. Please note that the VAT refund on exported goods will only be applicable to goods. All services are excluded. Who can qualify for a VAT return on exported goods? A qualifying purchaser is defined according to the VAT Export Incentive Scheme. It is defined…

Read More »

How to claim your VAT Refund?

Admin Penalty on Tax Returns

An admin penalty on tax returns is incurred when you do not meet various requirements. The admin penalty is currently only collected for the late submissions of tax returns or no submissions at all.The admin penalty consists fixed amount penalties and a percentage based penalty. The penalty amount that will be charged depends on your taxable income. It can range from R250 up tp R16000 a month for each month that the non-compliance continues. What if you don’t agree with the Admin Penalty on tax…

Read More »

eFiling Tax Return FAQ

eFiling Tax Return FAQ

What are the benefits of eFiling? An eFiling Tax return can be done simply on-line. It is actually very convenient for small and large businesses alike. Can you use eFiling for all Income Tax/VAT returns? Yes all of your income tax and VAT returns may be done with eFiling. The due date for VAT returns for both filing and payment is the last business day of the month if the return is filed via eFiling. The payment is made either via eFiling or EFT on…

Read More »

VAT Refund on Exported Goods - Q&A

VAT tax refund

How do VAT tax refunds work? A vendor is required to calculate their VAT liability, in relation to its allocated tax period. This is done by by off-setting input tax against output tax. The difference is either paid to SARS or a VAT tax refund is paid by SARS to the vendor If a vendor is entitled to a VAT tax refund, SARS is required to pay that VAT refund. It must be paid  within 21 business days of receiving the correctly completed VAT return…

Read More »