MANAGING THE CHANGE IN THE VAT RATE 2018 Presenter’s … · Assume that goods of R100 was sold...
Transcript of MANAGING THE CHANGE IN THE VAT RATE 2018 Presenter’s … · Assume that goods of R100 was sold...
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MANAGING THE CHANGE IN THE VAT RATE – 2018Presenter’s copy
CHANGES IN THE VAT RATEPractical Consideration
Wednesday30th May 2018
SAIPA: Head/Office - Midrand
Presenter: Mahomed
Email: [email protected]
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VAT – change in rate from 14% to 15%.The practical implementation
Agenda
1) Introduction
2) Current supply rules
3) The change in VAT rate: What is the `big deal’ when the VAT Rate
is changed?
4) Two VAT rate rules
5) Exception to rule 2 – 2 exceptions to rule 2
6) Contracts
7) Input tax – 5 years to claim
8) Credit / debtor notes
9) Completing VAT returns for a period with both 14% & 15%
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Introductory Comments
- Suggestion to remove zero-rate for fuel
- Initial reaction of accountants
- VAT Act never silent on increase / decrease
in VAT Rate
- Legislation is still required
- Budget Day limitation
- Tax periods affected by the change in VAT
Rate
- The new tax fraction= 15/115: its impact
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Notification of Changes in VAT Rate
Notification of the change in the
VAT Rate:
• Changing the price on the
individual items or update
electronic system
• Display notice visible to all
customers if the individual
prices have not been changed
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Cost of the Change in VAT Rate
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Impact of the change in the VAT rate
Assume that goods of R100 was sold (including VAT).
Pre 01 April 2018 Post 01 April 2018
VAT fraction = 14/114 VAT fraction = 15/115
VAT = R 100 x 14/114= R 12.28
VAT = R 100 x 15/115= R 13.04
Effect of change in VAT = R 12.28 – R 13.04 = R 0.76
% change in VAT = R 0.76/R 12.28 = 6.2%
Change in the VAT Rate
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14% 15%
1 April 2018
What rate must I apply
General Supply Rule
`General’ Supply Rule
Timing of the supply is deem to occur at the earlier of:
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Time of the invoice issued Payment/receipt
of cash
Application of General Supply Rule
Illustrative Example 1:
Assuming that the VAT rate did not change
A) A company sold goods worth R 342 000 (VAT Inc) to a
customer. The customer paid the amount in 28 March 2018
but the goods were invoiced and delivered on 05 April
2018.
B) A company sold goods ( no delivery occurred) worth
R171 000 ((VAT Inc) to a customer. The customer was
invoiced on 24 March 2018 but the cash was only received
on 11 April 2018.
Determine the rate at which the output tax should
calculated for the VAT 201 form for the period ended 30
April 2018.MANAGING THE CHANGE IN THE VAT RATE
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Application of General Supply Rule
Question 1 – Solution
Assuming that the VAT rate did not change
A) The general supply will apply because the
amount of R342 000 was paid on 28 March
2018. Therefore, VAT triggered on this date
and if the vendor belongs to the B tax period
(ending 30 April 2018), then output tax levied
will be R42 000.
B) The customer was invoiced on 24 March 2018,
hence VAT is triggered according to the
general supply rule. Output tax = R21 000
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General Supply Rule
`General Supply Rule
The cancellation of transactions, such as bad debts or
returns by customers, concluded prior to 01 April 2018
must be at the same rate as the original transaction
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Sales transaction during March
2018Goods return April
2018
Changes to the VAT Rate
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General VAT rule
[timing criteria is unchanged]
VAT Rate Rule
[ VAT rate changes ]
VAT Rate Rule –increase/decrease in VAT rate VAT Rate Rule 1 - Change in Rate
Goods/services were delivered before 1
April 2018 but both cash received and
invoice issued occur after the
aforementioned date:
NB! Date of delivery of goods & date of
performance of service is relevant.
When was the good delivered? Before or
After 1 April 2018?
When were the services performed?
Before or after 1 April 2018?
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Application of General Supply Rule
Illustrative Example 1: Reviewed
A) A company sold goods worth R 342 000 (VAT Inc) to a
customer. The customer paid the amount in 28 March 2018
but the goods were invoiced and delivered on 05 April
2018.
B) A company sold goods ( no delivery occurred) worth
R171 000 ((VAT Inc) to a customer. The customer was
invoiced on 24 March 2018 but the cash was only received
on 11 April 2018.
Determine the rate at which the output tax should
calculated for the VAT 201 form for the period ended 30
April 2018.
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Application of General Supply Rule
Question 1 – Solution (cont)
Assuming that the VAT rate change from 14% to
15% - Reviewed
A) The rule 1 of VAT rate is applicable – refers
strictly to date of delivery of goods. Although
the supply date is still 28 March 2018 but the
VAT rate is determined by the date of delivery
which is on 5 April 2018 then the VAT rate is
15% and output tax levied will be R44 609
(field 1 in VAT 201) – an additional amount of
R2 609.
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Application of General Supply Rule
Question 1 – Solution (cont) - Reviewed
B) The rule 1 of VAT rate is applicable – refers
strictly to date of delivery of goods. Although the
supply date is still 24 March 2018 but no delivery
occurred before 1 April 2018. therefore, it is likely
that delivery will occur after 1 April 2018.The VAT
rate, in this situation, equals 15% & output tax
levied will be R22 304 – an additional amount of
R1 304 – use the field normally used to declare
output tax, that is, field 1 of VAT 201 form.
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Application of General VAT Rule
Illustrative Example 2:
A) A company sold goods worth R 228 000 (VAT Inc) to a
customer during March 2018. The customer returned
R34 200 worth of goods during April 2018.
B) A customer with a balance of R 45 600* at 31 March 2018
was written off as irrecoverable during April 2018.
Determine the rate at which the output/input tax should
calculated for the VAT 201 form for the period ended 30
April 2018.
* Think in terms of accounting
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Application of General VAT Rule
Question 2 – Solution
A) Assuming that the VAT rate change from 14% to
15%
It is given that the VAT transaction occurred in March
2018 but the goods were returned a month later.
Therefore, the original VAT rate must be considered
when goods are returned.
Output Tax must be reduced by R34 200 x14/114
= R4 200 in field 18 – `Other’ of the VAT 201 form
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Application of General VAT Rule
Question 2 – Solution (cont)
B) It is given that the VAT transaction occurred
long before 1 April 2018 and at 14%.
Therefore, the input tax claimed will be
R45 600 x 14/114 = R5600 in field 18 – `Other’ of
the VAT 201 form
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Changes to the General VAT Rule
Illustrative Example 3:
Stationery sold to Company A. The amount R15 000 is VAT
inclusive.
All parties are vendors. Good delivered on 30 March 2018.
No invoice issued and no payment was made prior to the date the
goods were delivered!
Delivery note was received from the recipient and transfer of
ownership recorded.
What VAT rate must be applied to this transaction? What is
Company input tax, given that the stationary is used for
enterprising purposes?
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Changes to the General VAT Rule
Question 3 – Solution
According to the general supply rule, no
transaction has occurred for VAT because
neither a tax invoice was issued nor was any
payment made. Therefore, no VAT implication in
terms of the general supply rule and none of the
supply rule for specific transaction apply.
However, the first VAT rate rule applies because
the actual delivery of the stationery occurred.
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Changes to the General VAT Rule
Question 3 – Solution (cont)
It is likely that the invoice will be issued after 1April 2018 and the payment will be made after 1April as well. But this is irrelevant fordetermining VAT rate.
The rate to be applied is 14% because thedelivery has occurred before 1 April and the 1stVAT rate rule applies. The input tax is R1 826(R15 000 x 14/114) in field 18 of the VAT 201 form.
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Changes to the General VAT Rule
Illustrative Example 4:
The municipality X in Gauteng, issues a bill on the 2nd of
April 2018 for electricity (R 800 – VAT inc) and a separate
line item for property rates (R315 – VAT inc).
The municipality issues both electricity and property rates
in arrears, that is, for the period ending 31 March 2018.
What VAT rate must be applied to this transaction? What
input tax may a Vendor claim – given that all items in the
Bill are used for enterprising purposes?
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Changes to the General VAT Rule
Question 4 – Solution
It is given that the municipal bill was issued in
arrears, implying that the services were rendered in
the previous month, that is, in March 2018.
Although no payment was made in March 2018, and
no invoice was issued in March 2018, the actual
consumption of the services occurred in March 2018,
and therefore, the VAT rate is at 14%. This is in terms
of the 1st rule for the change in VAT Rate.
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Changes to the General VAT Rule
Question 4– Solution (Cont)
Input tax to be claimed by the vendor
Electricity Bill R800 x 14/114 =R98
Property rates R315 x 0/114 =R0
Total input tax =R98
In field 18 `other’ of the VAT 201 form.
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Changes to the General VAT Rule
VAT Rate Rule 2 – 21 Day Rule
Cash received or invoice issued after 21
February 2018 and before 1 April 2018
but goods are delivered or services are
rendered 21 days after 01 April 2018:
Transactions are taxed at a rate of 15% -
VAT rate rule supersedes the general
VAT rule.
The issue of invoice / payment can be
done purposefully to avoid the increase
in VAT Rate. NB! Normal time rules won’t
apply
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Changes to the VAT Rate
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21 Feb 2018
01 Apr 2018
23 Apr 2018
Cash received or invoice issued
Goods delivered or services
rendered =15%
Goods delivered = 14%
Changes to the General VAT Rule
Illustrative Example 5:
Stationery sold to Company A for an amount of R15 000
(VAT exc).
All parties are vendors. Invoice issued and the payment
was made on 30 March 2018. No delivery of stationary
occurred on 30 March 2018. but only on
a) the 4 April 2018.
b) 28 April 2018
What VAT rate must be applied to this transaction? What
is Company A input tax, given that the stationery is used
for enterprising purposes?
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Changes to the General VAT Rule
Question 5 – Solution
a) The following is given:
- the amount of R15 000 excludes VAT, and
- Stationery was delivered on 4 April 2018.
Hence the 2nd rule for the change of VAT rate
applies. The stationery was delivered long
before 23rd April 2018, and therefore, 14% is
the VAT rate.
Company A input tax = R15 000 x 14% = R2 100
In field 18 `other’ of the VAT 201 form.
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Changes to the General VAT Rule
Question 5 – Solution
b) The following is given:
- the amount of R15 000 excludes VAT, and
- Stationery was delivered on 28 April 2018.
Hence the 2nd rule for the change of VAT rate
applies. The stationery was delivered long
after 23rd April 2018, and therefore, 15% is the
VAT rate.
Company A input tax = R15 000 x 15% = R2 250
In field 15 `other’ of the VAT 201 form.
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Changes to the General VAT Rule
Exception to Rule 2 – 21 Day Rule
1) When it is normal practice for payments or invoices
to be issued before supplies are made.
Example 1:
SAIPA membership fees – SAIPA has a historical
Practice of issuing invoices to its members early in the
year but services are rendered throughout the year .
Questions for SAIPA members: what happens if person
joins SAIPA on 1 May 2018? What will be the VAT Rate on
this invoice?
Example 2:
Massage outlets: require payment in advance at the time
of Payment. Indemnity insurance policy & maintenance
contracts. TV – licence for SABC.
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Changes to the General VAT Rule
Exception to Rule 2 – 21 Day Rule
2) Rule 2 will not apply to residential property, sale of
fixed property consisting of dwelling and together
with Land on which it is erected – also includes share
block Companies.
Whereby written contracts legally contracted on which
such agreements was concluded. VAT rate does not
depend on when the building of residential property
commenced or when completed.
- Concluded agreement before 1 April 2018 but payment
& registration at Deeds office occur after 1 April 2018.
- Vat inclusive purchase price – determined and stated
in contract.
- Conclusion - VAT rate 14%
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VAT Rules for Specific Transactions
Transaction 1- Progressive/successive/periodic supplies
Goods / services – rental agreement / periodic payment
e.g. monthly basis
Time of supply deemed: earlier of the date when payment
is due or is received.
Sector examples: office & car rentals contracts i.r.o.
maintenance / cleaning / hiring of office equipment
And Construction contracts - detailed example to be done
later!
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VAT Rules for Specific Transactions
Transaction 2 - Connected persons
Goods – at the time it is removed /
at the time it is made available.
(transfer of ownership or control)
Services – at the time the services
are performed.
Same principles as for VAT Rate
Rule 1 – timing is not affected by
the change in the VAT rate.
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VAT Rules for Specific Transactions
Illustrative Example 6
Office rented by Company A - monthly rental = R15 000
(VAT inclusive).
All parties are vendors. Invoices issued on the 1st of each
month beginning 1 March 2018. The rental agreement
expired December 2019. Tax period B.
What VAT rate must be applied to this transaction? What
is Company A input tax, given that the office is used for
enterprising purposes?
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VAT Rules for Specific Transactions
Question 6 – Solution
The following is noted:
- The invoices are issued in advanced
- The services will be rendered for more than 21
days, that is, beyond, 23 April 2018, and
- The amount of R15 000 includes VAT.
Therefore, Company A can claim the following input
tax
March 2018 R15 000 x14/114 = R1 842
April 2018 R15 000 x 15/115 = ) R1 957
Field 14 = R1 957 & Field 18 = R1 842
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VAT Rules for Specific Transactions
Question 6 – Solution (cont)
Company A will pay extra VAT of R115 from 1 April
2018 onwards given that the rental agreement ends in
December 2019.
This VAT rate rule applies to:
• Rental agreement
• Construction activities
• Progressive or periodic taxable supplies
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VAT Rules for Specific Transactions
Transaction 3 - Instalment credit agreements (ICA)
Instalment sale (ICA) – transfer of ownership is
immediate even though the account is settled by a
number of subsequent payments.
Goods – at the earlier of the time that the good is
delivered or any payment received by the supplier.
Hire purchase (HP) – transfer of ownership occurs when
the final settlement payments is made
ICA - is not regarded as being successively supplied
HP – is regarded as successive supply
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VAT Rules for Specific Transactions
Illustrative Example 7
During March 2018 Company A sold and delivered office
equipment with an aggregate price of R570 000. The sale
was included in terms of the following agreements:
(a) Instalment credit agreement
(b) Hire purchase agreement
What VAT rate must be applied to this transaction? What
is Company A output tax?
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VAT Rules for Specific Transactions
Illustrative Example 7 (solution)
With reference to:
(a) Instalment credit agreement: VAT rate rule 1 applies –
good delivered March 2018. 14% will apply and paid in
the tax period in which March falls. The output tax is
R70 000. Field 12 of the VAT 201 form.
(b) Hire purchase agreement: similar to a lease agreement.
However, in the month of March 2018, the output tax is 14%
but for the month of April 2018 and beyond the VAT rate is
15%, that is, R74 348. Field 1 of the VAT form.
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VAT Rules for Specific Transactions
Specific rule - Fixed property
deemed supplied at the time
a) Registered at deeds office or
b) Any payment is made
Whichever occurs first!
NB! Traditional `deposit’ not
regarded as payment with
respect to fixed property!
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VAT Rules for Specific Transactions
Transaction 5 - Fringe benefits
When included in the
remuneration of employees –
usually end of the month.
Services – at the time the
services are performed.
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VAT Rules for Specific Transactions
Transaction 6 - Lay-by agreements
• Consideration for supply is R10 000
or less per invoice
• Accompanied by a payment of a
deposit
Time of supply: only when delivery
takes place.
But this happens only when
• full-payment is made, or
• Agreed portion is paid.
Therefore, no output tax on receipt of a
deposit!
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VAT Rules for Specific Transactions
Transaction 7 - Notional Input Tax:
second- hand goods
Time of supply: to the extent
payment is made
Fixed property: registration with
the deeds office & the extent to
which payment is made.
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VAT Rules for Specific Transactions
Transaction 8 - Betting transactions
• The person accepting a bet is the supplier – accounts
for output tax!
• The person placing the bet has received the service .
• The supplier of the service claims the input tax on
winnings paid to the successful person placing the bet.
• Does not apply to race-horse owners – generally zero-
rated.
• Racing operators could be conducting an `enterprise’.
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VAT Rules for Specific Transactions
Progressive supplies (construction)
Agreement provides consideration to
become due & payable instalment or
periodically in relation to the progress
made.
Time of supply = earliest of the date
when payment is due or received, or
any invoice, relating to the payment is
issued.
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VAT Rules for Specific TransactionsIllustrative example 8
J’s Construction is registered for VAT under Category C tax
period (monthly) and enters into a contract to build 50
residential units for a total contract price of R6 500 000 (VAT
inclusive).
The agreement provides for monthly progress payments to be
made over a period of 12 months. At the end of January 2018 and
February 2018, the work certified as completed by the appointed
Project Manager was 10% and 23% respectively.
J’s issued two tax invoices as follows:
Invoice 1357 – 28 Feb 2018 R650 000 (10% of R6 500 000)
Invoice 1358 – 28 Mar 2018 R845 000 (23% of R6 500 000 less
R650 000 already invoiced)
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VAT Rules for Specific Transactions
Illustrative example 8 (continued)
Invoice 1359 – 28 Apr 2018 R500 500 (10% of R6 500 000 less
R650 000+ R845 000)
Invoice 1360 – 28 May 2018 R4 504 500 (57% of R6 500 000 less
R650 000+ R845 000+R500 500)
What is the VAT rate for these invoices?
What is the Output tax to be levied?
What is the difference in the output tax levied between the
‘old’ and new VAT Rate?
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VAT – change in rate from 14% to 15%:The practical considerations
Ilustrative Example 8 (continued)
Solutions
Output Tax:
Invoice 1357 & 1358 = R650 000 + R845 000
= R1 495 000 X14/114 =R183 596
Invoice 1359 & 1360 = R500 500 + R4 504 500
= R5 005 000 x 15/115 = R652 826
Total output tax R836 422
VAT @ 14% = R6 500 000 x14/114 R798 246
Difference R38 176 – additional
Output tax paid to SARS because of the increase in VAT rate
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VAT – change in rate from 14% to 15%:The practical considerations
Discussion:
Contracts: Does not apply to residential property
Supplier may increase the contract price & recover additional
VAT if concluded before 1 April 2018, that is when supplies
continue after 1 April 2018.
But may not be able to increase the price or additional VAT if
contract specifically state that it may not be increased.
Whether the additional amount is recoverable or not, the
supplier must account for VAT at 15% for supplies made after
1April 2018.
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VAT – change in rate from 14% to 15%:The practical considerations
Discussion:
Input Tax : 5 years to claim
Rate used as per original invoice - not used previously to
claim input tax
Credit / Debit Note:
Rate used as per original transaction - used to claim input
tax
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VAT – change in rate from 14% to 15%:The practical considerations
Transaction 9: Importing of goods from BLNS countries
Time of supply rule
- When goods enter RSA – when goods physically enter
RSA via a designated commercial port.
The date entered RSA will determine VAT rate –if entered
after 1 April 2018, then VAT Rate = 15%.
Tax payable on imported goods from BLNS countries –
excludes 10% uplifting charge.
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VAT – change in rate from 14% to 15%:The practical considerations
Transaction 10: Importing of goods from rest of the world!
Time of supply rule (TOS)
- goods have to be cleared for home consumption – by
customs & Excise – who also collects the tax.
- It is possible for the goods to be cleared on the same
date of actual importation
- In practice difference between the date of actual
importation & date goods are cleared.
- TOS = when cleared for home consumption – this date
determines VAT Rate %.
Tax payable on imported goods - includes 10% uplifting
charge.MANAGING THE CHANGE IN THE VAT RATE
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VAT – change in rate from 14% to 15%:The practical considerations
Transaction 11: Importing of electronic services
Time of supply rule (TOS)
Meaning of `services’ as defined by VAT Act.
- By a supplier that is not a resident of South Africa or
does not conduct business in South Africa,
- The recipient of the service must be a resident of South
Africa, and
- The services must be used in South Africa for the
purposes of making non-taxable supply (for example,
private use).
In other words, VAT is payable when the vendor ( or non-
vendor) imported services is used for the purposes other
than (non) the making of taxable supplies.MANAGING THE CHANGE IN THE VAT RATE
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VAT – change in rate from 14% to 15%:The practical considerations
Transaction 11: Importing of electronic services
Time of supply rule (TOS)
Imported service occurs on the earlier of the dates of
The issue of an invoice, or
Making of any payment by the recipient.
So, if the `imported service’ was purchased after 21
February 2018 but before 1 April 2018, SARS will apply the
21-day rule. The applicable VAT Rate is determined by what
date the service was physically (electronically) delivered to
the South African resident who used the service for non-
supply purposes.
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VAT – change in rate from 14% to 15%:The practical considerations
Transaction 12: Export of services / goods
Generally, the export of goods and services to a resident of
a foreign country is zero-rated.
The only exception to the rule is when second-hand goods
are exported, and notional input tax have been claimed as
per the VAT Act by the exporter of the second-hand goods.
In other words, the exporter of the second-hand good will
have to levy output tax and the VAT rate will be equal to the
rate used on original purchase price.
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VAT 201 Form
Completion of VAT 201 form – with both 14% & 15%
VAT rate in a single form
Output tax
Standard rated supplies at 15% - field 1 – as normally use
Standard rated supplies at 14% - field 12 ‘other’ and
imported Services.
Input tax
Field 14 (capital goods) / Field 15 (other goods/services) @
15%
Field 18 `other’ @14%.
Imports: Field 14A (capital goods) and 15A (not capital)
for either 14% or 15%.
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VAT 201 Form
If field one supplies the `old rate’ at 14%, then, please click
on the refresh button to update the form.
If the problem persists, close the browser and re-open it,
access eFiling by entering the eFiling web
address: http://www.sarsefiling.co.za/.
Do not access eFiling from a saved favourite.
Should the problem still prevail, then refer the query to
[email protected]. They are aware of the
technical challenge and are working on a solution.
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@SAIPAcomms
South African Institute ofProfessional Accountants
SAIPA-South African Institute of Professional Accountants
JOIN THE CONVERSATION
AND BE #SAIPAproud
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