VAT – Value Added Tax

Standard Rate: 15%

Claim Input VAT on valid Tax Invoices.

Keep VAT 201 submissions and payments on time via eFiling. 

What it is:

VAT is a consumption tax charged on most goods and services in South Africa at a standard rate of 15%. Businesses registered for VAT must charge it on sales and can claim input VAT on purchases.

Due Date:

VAT vendors usually submit returns bi-monthly. Returns and payments are due by the 25th of the month following the VAT period (or the last business day if submitted via eFiling).

Interest & Penalties:

Late submission or payment attracts interest at the prescribed rate. Penalties may apply for non-compliance or under-declaration.
Requirements: Businesses with turnover above R1 million annually must register for VAT. Proper records and invoices are required for input VAT claims.

Requirements:

Businesses with turnover above R1 million annually must register for VAT. Proper records and invoices are required for input VAT claims.