A number of changes of South African VAT are coming from April 1, 2015. This is the additional part to the recent B2C digital services VAT registration changes.
The following changes will be taken place in the upcoming policy;
- Removal of the option for paper import VAT reclaims. Companies must now use the electronic forms for the recovery of import VAT.
- Review of import documentation for companies using agents to import goods on their behalf.
- New rules to compel tax agents to send VAT invoices on behalf of their foreign clients out within 21 days of the taxable supply.
- Good supplied to the agricultural industry are to be reclassified as zero rated for VAT.
- As an anti-fraud measure, the withdrawal for the right to deduct VAT on gold purchases from non-VAT registered supplies.
- Confirmation that newly registered VAT payers may not subsequently reclaim input VAT on supplies made prior to registration.
