mienghabehardien
Mind Map by , created over 5 years ago

A breakdown of what VAT is and how it is collected

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mienghabehardien
Created by mienghabehardien over 5 years ago
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VAT
1 VAT Vendors charge VAT
1.1 Registered with SARS
1.2 Turnover >1mil compulsory registration
2 Consumer pays
3 Reflected on tax Invoice
4 VAT returns submitted from monthly to yearly
5 VAT charged at:
5.1 14 %
5.2 0 %
6 Value-added Tax
6.1 Value added at each point of production
7 Paid to SARS
8 Output VAT
8.1 Charged on good sold
8.2 Paid to SARS
9 Input VAT
9.1 Charged on good bought
9.2 Reclaimed from SARS

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