VAT: TAXABLE SUPPLIES

VAT is levied on the SUPPLY by any VENDOR of GOODS & SERVICES in the IN COURSE ENTERPRISE carried on

- WIDE definition

-Includes: sale; rental

agreement; installment

credit agreement

- + all other forms of

supply

- Whether voluntary,

compulsory or ex lege

- Irrespective of where

the supply is effect

COMPULSORY REGISTRATION:

-TS > R1m

-In 12mnth period

VOLUNTARY

-TS > R50’; < R1m

-VAT 101e form

-At the SARS branch office nearest to the

place where business situated or carried on.

-in the area where the main

enterprise/branch/division is located

SERPARATE BUSINESSES  IF JOINT TS > R1M:

joint registration.

DIFFERENT BRANCHES

Separately identified AND

Independent acct records

DIFFERENT CO’S: deem to be same VAT person

Corporeal movable

things

Fixed property

Any real right

Electricity

EXCLUDES:

(1) Money

(Includes bills of exchange, postal

orders, promissory notes)

(2) R under mortgage

bond / pledge

(3) Revenue stamps

(Except by stamp collectors)

INCLUDES: supply of TM’s;

patents; GW; know-how PMTs

Any activity or

enterprise

Carried on in SA or

PARTLY in SA

On a regular or

continuous basis

By any person

In the course /

furtherance of which G

+ S are supplied

For a consideration

Whether / not for profit

VAT summary taxable supplies

Introduction To Industrial Psychology (TAXC271)

North-West University

Recommended for you

Comments

Students also viewed

Related documents

Preview text

VAT: TAXABLE SUPPLIES

VAT is levied on the SUPPLY by any VENDOR of GOODS & SERVICES in the IN COURSE ENTERPRISE carried on

COMPULSORY REGISTRATION: