- VAT is payable on imported services and goods within set timelines
- VAT amounts can be reduced due to discounts, errors, reduced charges, or cancellations
- Tax Administration Act initially did not address reductions for non-vendors or without assessments
- Vendors can now deduct excess tax on imported services under section 16(3)(o)
- Section 44(1) allows non-vendors to apply for a refund of excess tax within five years
- Amendments effective from 24 December 2024
- Refer to Binding General Ruling 66 for more details on vendor overpayments
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.
Latest Posts in "South Africa"
- VAT Treatment of Municipal Supplies to National or Provincial Government in South Africa
- South Africa Proposes VAT Law Amendments to Implement E-Invoicing and Digital Reporting Framework
- Umkhonto Wesizwe Party Protests VAT Increase Ahead of Finance Minister’s Budget Speech in Pretoria
- South Africa’s Move to Mandatory E-Invoicing: Draft Law, Public Consultation, and Future Plans
- Briefing document & Podcast: South Africa’s E-Invoicing and Real-Time Reporting Overhaul
