Intimidation is rife in Nepal, with physical violence brought against a brick manufacturer who dared to register his factory with the local Vat
office, says eKantipur
Now, Nepal's revenue and tax
offices are taking action against firms that haven't registered for Vat
and those not issuing proper invoices reflecting how Vat
This would land you in hot water locally, too.
Especially as SARS is now upping the amount of Vat
audits it conducts, to check compliance of businesses, says FSP Business
But did you know that you can voluntarily register for Vat?
It's a great way to prove your willingness to comply with SARS and the Vat Act.
You can choose to voluntarily register for Vat
if you've made taxable supplies in excess of the minimum threshold of R50,000 in the past 12-month period, says SARS
You can even voluntarily register for Vat
if the taxable supplies will only be made after some time, but you reasonably expect the taxable turnover to exceed this minimum threshold.
In this case, SARS can cancel your Vat registration
if the value of your taxable supplies at the end of the 12-months falls below the threshold, says FSP Business
Here's when it's a good idea to voluntarily register for Vat
'The advantage to being Vat
registered, is that most Vat
charged by and paid to other Vat
vendors (Input tax) can be offset from the Vat
that one charges (Output tax). This claimed back Vat
would otherwise be lost into the void that is SARS' coffers,' explains MyBroadband
You've got nothing to lose!