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Changed your company bank account? Give SARS THIS info to ensure uninterrupted Vat refunds

by , 28 August 2014
In January 2002, SARS made an announcement that it'll only issue payment and Vat refunds by direct, automatic electronic transfer to your bank account.

So when you're due a Vat refund, the onus is on you to make sure SARS has your full and correct bank details.

This is especially important if you've changed your company bank account.

In this case, you must go to your SARS branch and give SARS the following information so it can facilitate smooth and uninterrupted refunds.


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You'll need to go to SARS with the full details if you change your bank account – here's what to take with you
 

#1: A letter saying you want to change your bank details, stating what the new bank details are;

#2: The last three months' bank statement;

#3: An original letter from your bank that states your account details. The letter must have an official bank stamp;

#4: The original utilities bill of your company; and

#5: Certified copies of the IDs of the owner or CEO of the business.

If you change bank details, you as the owner of the business, must go into the SARS client service centre in the area where the business is Vat registered. SARS will NOT help your tax practitioner, bookkeeper, secretary or your driver!
 

Informing SARS when you've changed your bank account is a big deal


According to the Practical Vat Loose Leaf Service, SARS won't pay interest on late refunds where the refund was late because you failed to submit your banking details. It's your responsibility to provide SARS with the necessary information to refund you.

So when you've changed your bank account, make sure SARS has this information so it can facilitate smooth and uninterrupted Vat refunds.

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