Do you export goods? Keep SARS off your back with these tips
SARS recently caught an export fraudster and fined him R8 million for his crime. They're on edge when it comes to exports. Of course your business dealings are honest, but SARS prefers to look on the grim side and expects the worst. That's why you've got to protect yourself with these export tips. Don't give SARS any reason to take you down!
When Waleen Dirk decided to fudge invoices in his fruit company (TimesLive
), he made your life harder! That's because SARS caught onto his export fraud and is going into crazy bloodhound mode when it comes to exporters.
Don't let SARS hound you down and slap you with a fine! Use these export tips…
The Practical Vat Loose Leaf Service
gives these tips for exporters to stay on top of SARS:
Don't try to zero-rate second-hand goods if you claimed a notional input tax deduction when you acquired them. Instead, account for the output tax equal to the amount of notional input tax you claimed when you got the goods.
Keep every single piece of paper relating to your export! Otherwise, SARS may not let you claim your Vat refund.
If you don't deliver or consign your exports, they're indirect exports. You must add the standard 14% Vat rate on these exports.
If you indirectly export second-hand goods, this limitation above also applies. Your recipient won't get a full Vat refund when it comes to second-hand goods.
Keep your invoices for five years, and they'd better be accurate and in order. There's no excuse for being vague or fudging the numbers, unless you want a juicy R8 million fine like Waleen Dirk!
Keep these tips in mind and you'll never land on SARS' bad side.
Note: 5 of 1 vote