- Section 54(2C) has been amended, effective 1 April 2024, to extend the documentary-evidence dispensation for zero-rated exports from refined/smelted gold to silver.
- The change addresses the same practical issue for silver as for gold: during refining or smelting, metal from multiple depositors can be co-mingled, making it hard to retain separate proof of the exact metal supplied or exported.
- A qualifying agent (a vendor) may retain the required documentation for zero-rated silver supplies/exports made on behalf of a principal vendor meeting the statutory conditions, rather than the principal having to keep it.
- The amendment is intended to ensure comparable VAT treatment for silver and gold in these circumstances.
Source: sars.gov.za
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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