- All vendor prices must include VAT at the current rate of 15%
- Vendors are responsible for collecting VAT and paying it to the State, deducting allowable inputs and deductions
- VAT payable is calculated as VAT charged on sales minus VAT paid on purchases and other deductions
- Vendors must have documentary proof to support any deductions and keep records for five years
- Goods exported may be zero-rated for VAT but conditions apply based on delivery location and export regulations
- Vendors making only exempt supplies cannot register for VAT and cannot deduct VAT on purchases for exempt supplies or private use
- Vendors must inform the South African Revenue Service of any changes in their registration details within 21 days
- Errors in VAT payments should be reported to SARS immediately to avoid penalties
- VAT payments can be made electronically via eFiling or EFT, and at certain banks
- Fraudulent activities should be reported to the SARS Fraud and Anti-Corruption Hotline
Source: sars.gov.za
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
