|
 
Value Added Tax (VAT)
VAT is levied on the supply of most goods at 14%.
Registration and submission of returns
An enterprise whose turnover has exceeded R1 million in any twelve month period or if there are reasonable grounds to believe that the turnover will exceed R1 million, is required to register as a VAT vendor. Voluntary registration is allowed where turnover is likely to exceed R50,000 (R60,000 in the case of commercial rental.)
PBOs can register for VAT even if they do not carry on an enterprise.
VAT returns must be submitted:
- every four months if the annual turnover is less than R1.5 Million
- every two months if the annual turnover is between R1.5 Million and R30 Million
- every month if the annual turnover is over R30 Million
The annual turnover relates to any 12 month period. It is incumbent on the vendor to notify SARS as soon as the turnover exceeds or is expected to exceed R30 Million.
|