- Unregistered importers must now pay an upfront VAT of 20% (up from 12.5%) on the customs value of taxable goods at importation.
- The upfront VAT paid can be credited once the importer registers for VAT and files the required return.
- Unregistered importers are also subject to penalties for failing to register for VAT on time.
- The higher upfront VAT rate increases import costs for unregistered businesses and emphasizes the need to register for VAT before importing goods.
Source: assets.kpmg.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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