South Africa’s National Treasury released a memorandum on a domestic VAT reverse charge for valuable metals. Government is proposing the VAT reverse charge regulations in response to ongoing VAT fraud in the precious metal industry, notably the supply of Kruggerands and illegal gold.
According to the memorandum, the scheme is broadly similar to measures undertaken in the UK and Australia. The proposed rules would be effective from 1 January 2022.
Source: vatglobal.com
