Category Archives: VAT

Value added tax (VAT)

Value Added Tax (VAT) was introduced on 30 September 1991 at 10% and increased to 14%  on 7 April 1993. The VAT system comprises three types of supply Standard-rated supplies – supplies of goods and services subject to the VAT rate in force at the time of supply Exempt supplies – – supplies of goods and services subject to the VAT rate in force at the time of supply Zero-rated supplies – supplies of certain goods or services subject to VAT at zero percent. The…

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Valued added tax – VAT

Who is liable for the payment of vat? VAT is levied on all supplies made by registered vendors in the course or furtherance of their enterprises. Only a registered vendor may levy VAT. A vendor making exempt supplies or who is not registered may therefore not charge VAT and may not claim back any VAT borne by the enterprise. A vendor that makes taxable supplies of more than R150 000 per annum must register for VAT. If a vendor makes taxable supplies of less than…

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