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If you're a foreign company, here are your Vat registration requirements

by , 11 August 2014
If you're a non-resident company and supply goods or services in South Africa, you must register for Vat if your supplies exceed R1 million in any 12-monthperiod or you expect it to exceed R1 million in the next12 months.

If you don't register, your company's in breach of Section 1 and Section 23 of the Vat Act and you will be liable for penalties and fines in terms of the Tax Administration Act.

Can you afford to take that risk? We don't think so.

That's why we recommend you keep reading to discover your Vat registration requirements as a foreign company so you can comply with the Vat Act and avoid harsh penalties.


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Here are the requirements you must fulfill when applying to register for Vat as a foreign company


The Practical Vat Loose Leaf Service says to apply for Vat registration you must first fulfill the following requirements:
 

  • Appoint a Vat representative in South Africa;
  • Open a bank account and provide the relevant supporting documents when you submit your VAT101 form.


Once registered, SARS will impose certain duties on your company. These include:
 

  • Submitting Vat returns and payments timeously;
  • Providing accurate information to SARS;
  • Including Vat in prices, advertisements and quotes;
  • Keeping accurate accounting records for five years;
  • Producing relevant documents when required to by SARS;
  • Issuing tax invoices, debit and credit notes;
  • Notifying SARS of changes in the company (trading name, shareholders, bank details etc); and
  • Notifying SARS of changes in the details of the Vat representative.


If you fail to comply with these responsibilities, you could face SARS penalties, prosecution and even jail time.

Now that you know your Vat registration requirements as a foreign company, make sure you comply.
 

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