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Do you issue Tax invoices? Here's what you need to know

by , 09 July 2015
Recently SARS issued Binding General Ruling 21 on invoices. The ruling tells you what details need to be on a tax invoice for it to be valid. It also regulates how to reflect addresses on the invoice.

Continue reading to find out the ten items you need to put on your tax invoice to comply with SARS, so you issue tax invoices correctly every single time.

Ten details every tax invoice must contain:

 
1. The words "tax invoice"
2. Your name, address and Vat number as the supplier
3. The client or recipient's name and address
4. If the recipient is a registered vendor, include their Vat registration number
5. An individual serial number
6. The date when you issue the tax invoice
7. Full and proper description of the goods (indicating, where applicable, that the goods are second-hand goods) or services supplied
8. The quantity or volume of the goods or services supplied
9. Either-
o The amount of the supply, the Vat, and the total; or
o The total amount of the supply, including Vat, and a statement on the invoice that says that Vat is included; and
 
10. The Tax Invoice must be in rands. But if it's a zero-rated export, then you have the option to insert a foreign currency
 
****** Have a look at this ******
 
Getting your VAT refund from SARS just got harder…
 
A small administrative mistake is all it takes SARS to have the right to withhold your refund.
 
Put a simple zero in the wrong place on the new VAT return could and you can forget about getting even a cent of your money back.
 
Make sure this never happens to you by filling in the new VAT return 100% correctly every, single time. 
 
*********
 
How to reflect addresses on tax invoices
 
You must also include the recipient and supplier's address on the tax invoice. This address could be either:
 
• The physical address where they do business,
• The business' postal address; or
• Both
 
There's no end-date for this ruling, so it's effective until such time that SARS withdraws it. If you don't stick to this, SARS treats your invoices as invalid. 
 


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