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VAT - Coggle Diagram
VAT
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VAT is an indirect system of taxation that was introduced in 1991 and is regulated by the value-added tax act no 89 of 1991
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Any person who runs an entity is required to register as a vendor when the taxable supplies at the end of 12 months exceeds R1 000 000
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Input VAT is the tax charged by the supplier in respect of goods or services delivered to the vendor. This can be claimed back from SARS by the vendor
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