– SARS updated its FAQs on the Domestic Reverse Charge Regulations on June 10, 2024
– A VAT DRC on valuable metal was introduced in the regulations on June 8, 2022
– Amendments to the DRC Regulations were made on May 10, 2024, relating to the definition of “valuable metal” and “residue”
– The recent amendments to the DRC Regulations came into effect retrospectively from January 1, 2024
– SARS provided transitional rules in its FAQs for vendors regarding supplies made between January 1, 2024, and May 10, 2024
– Vendors do not need to amend historical VAT returns or DRC documentation for supplies made during that period
– Affected vendors have until June 30, 2024, to amend their systems for supplies from July 1, 2024, onwards.
Source: sars.gov.za
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