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Two instances where SARS won't give you a Vat refund

by , 21 January 2017
Two instances where SARS won't give you a Vat refundEvery Vat vendor knows that when their input tax exceeds their output tax, SARS owes them a Vat refund.

Perhaps the reason most vendors know this is because Vat refunds play an important part to ease the cash flows in their business. Everyone likes to have a little cash injection coming their way.

What you may not know however is, there are two instances where SARS won't give you a Vat refund.

Read on to find out what they are so you can ensure all your Vat affairs are in order and get what's due to you without any hassles.


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Bad news! You won't get your refund in these two circumstances


#1: SARS can suspend your payment and any interest on it, if you can't verify the Vat refund when it asks you to do so (Section 45, Vat Act), or they can't get hold of you.

This shows the importance of keeping your company records correctly and issuing valid tax invoices. So remember to keep all your company records for a minimum period of five years.

If you want more information on this crucial aspect of your business administration, check out the record keeping chapter on your Practical Vat Loose Leaf Service.

#2: SARS will refuse to pay your Vat refund if you have other outstanding tax issues. This includes failure to account for or pay your personal income tax, employees' tax, or owing money to Customs!

The best thing to do for your business is to keep all your tax affairs, payments and returns current and up-to-date – this will ensure smooth payment of your Vat refunds.

Now that you know the two instances where SARS won't give you a Vat refund, make sure your Vat affairs are in order so you can get what's due to you without any problems.
 

Don't let SARS get away with paying your VAT refund late
 
How long has SARS made you wait for your VAT refunds?
 
A month?
 
Three months?
 
A year?
 
It shouldn't be this way!
 
In fact, SARS has to pay you within 21 days!
 


 

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