South Africa 2015 Value Added Tax update
Sat 2nd Aug 2014
The new changes include:
- Withdrawal of the option for paper import VAT reclaims. Companies must now use the electronic forms for the recovery of import VAT.
- Revised proof of import documentation for companies using agents to import goods on their behalf.
- A new requirement to compel tax agents to send VAT invoices on behalf of their foreign clients out within 21 days of the taxable supply.
- Good supplied to the agricultural industry are to be reclassified as zero rated for VAT.
- As an anti-fraud measure, the withdrawal for the right to deduct VAT on gold purchases from non-VAT registered supplies.
- Confirmation that newly registered VAT payers may not subsequently reclaim input VAT on supplies made prior to registration.