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VAT (OUTPUT VAT (DEEMED SUPPLIES
Ceasing to be a vendor
Indemnity…
VAT
OUTPUT VAT
DEEMED SUPPLIES
- Ceasing to be a vendor
- Indemnity payment
- Fringe benefits
- Payments exceeding considerations
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EXEMPT SUPPLIES
- Financial services
- Donated goods
- Residential accommodation
- Education
- Transport by road or rail
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TAXABLE SUPPLIES
- Zero-rated (0%)
- Standard rated (15%)
TIME OF SUPPLY
- Connected persons
- Rental Agreements
DEFINITION
- Tax charged by a vat vendor for the supply of goods and services by him
VALUE OF SUPPLY
- Commercial accommodation
- Entertainment
- Dual supplies
- Supply for no consideration
ADMINISTRATION
REGISTRATION (Sec 23)
- Compulsory registration
- Taxable supplies of more than R1 million
- Voluntary registration
- Taxable supplies of more than R50 000
TAX PERIODS (Sec 27)
- Category A & B
- Period: every 2 months
- Taxable supplies > R30 million
- Category C
- Period: 1 month
- Taxable supplies > R30 million
- Category D
- Period: every 6 months
- Taxable supplies < R1,5 million
- Category E
- Period: every 12 months
- Taxable supplies:
PAYMENT OF VAT & PENALTIES
- Payment
- within 25 days after the end of tax period
- E-filing: Last business day of the month
- Penalties
- 10% of the tax (s213 tax Admin Act)
- Interest at a prescribed rate (s39 (1)(a)(ii))
TAX CALCULATION
- Output less Input
- Output < Input = Refundable
RETURNS AND RECORD-KEEPING
- Sec 44 of Tax Admin
- Within 21 business days after VAT return
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