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Three things on your Vat refund that'll get you in trouble with SARS

by , 07 August 2014
You have to tread carefully when it comes to Vat refunds.

SARS scrutinises these and it'll punish you if it finds errors. And this means you can say goodbye to the cash injection you were hoping to get.

But we've got your back as always.

Today our experts reveal the three things that'll get you in trouble with SARS when it comes to Vat refunds. Read on to find out what they are so you can steer clear of them and avoid the wrath of SARS.


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Doing these three things will get you in trouble with SARS when it comes to Vat refunds


Experts behind the Practical Vat Loose Leaf Service say you'll end up in a great deal of trouble with SARS if you:

#1: Claim non-existent amounts of input tax;

#2: Claim input tax that you can't verify; or

#3: Make a claim that you don't have complete documentation for.

Doing these three things is fraud and SARS will punish you harshly for these actions.

It can hit you with penalties that include a fine or even jail time for up to two years for not complying or five years for evasion! SARS can also levy interest at the prescribed rate.

There you have it.

Our advice is simple when it comes to Vat refunds: Only claim what you're entitled to and what you can prove. It's the only way to avoid getting into trouble with SARS when it comes to Vat refunds.

For more information on Vat refunds, check out the Practical Vat Loose Leaf Service. We also recommend you check out this article. It contains the four ground rules you need to keep in mind to claim back a refund.

 



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