TEL：
010－58674705
new
行业新闻
Industry News行业新闻
Industry News
Location：Home> News
South Africa Increases VAT Rate To 15 Percent
时间: 2018/4/18 17:11:47 作者: 
来源:
来源: On April 1, 2018, South Africa increased its value-added tax rate to 15 percent from 14 percent.
The South Africa Revenue Service earlier released guidance on the impact of the hike, in a "Pocket Guide on the VAT rate increase on 1 April 2018."
The guide sets out how to determine the taxable event for transactions. Generally, most transactions occurring on or after April 1, 2018, will be subject to VAT at the new rate unless a special time of supply rule or a rate specific rule applies.
The guide also sets out rules concerning pricing, contractual agreements including the 14 percent rate, changes required
of businesses with regards their billing and accounting systems, the obligation on taxable persons to ensure that the
correct rate of VAT is levied, including with regards inputs, the specific rules for imported goods, changes to VAT forms,
and input tax credit rules for supplies subject to the 14 percent rate.
The South Africa Revenue Service earlier released guidance on the impact of the hike, in a "Pocket Guide on the VAT rate increase on 1 April 2018."
The guide sets out how to determine the taxable event for transactions. Generally, most transactions occurring on or after April 1, 2018, will be subject to VAT at the new rate unless a special time of supply rule or a rate specific rule applies.
The guide also sets out rules concerning pricing, contractual agreements including the 14 percent rate, changes required
of businesses with regards their billing and accounting systems, the obligation on taxable persons to ensure that the
correct rate of VAT is levied, including with regards inputs, the specific rules for imported goods, changes to VAT forms,
and input tax credit rules for supplies subject to the 14 percent rate.
