Vat vendors: Check if SARS'll pay the Vat refund you've claimed...
Do you sit on tenterhooks after submitting your Vat returns, waiting for SARS to contact you for more information - or worse, to announce you're the newest subject to face a Vat audit? Little wonder, with so many fraudulent Vat refunds being claimed these days. Luckily, there's an easy way to check if all is on track to receive the Vat refund you've claimed from SARS...
On Friday, three Sri Lankans were sentenced for value added tax (Vat) refund fraud of over SLRs4 billion.
In addition to the fines, the businessmen are charged with fraudulently withdrawing Vat refunds as well as false business registration and identity card forgery, says Emirates247
But it's not just Sri Lanka where you'll get caught out for this type of fraud.
Locally, SARS has cracked down on compliance and, as a result, is likely to be more critical of your Vat returns you submit before it issues a Vat refund.
Fill out your Vat return carefully and keep your financial records to ensure your Vat refund is paid out
So you need to be careful how you fill in your Vat return, as putting a zero in the wrong place on your Vat return is now all it takes to trigger the Vat audit process and delay SARS in paying any Vat refund you're due, says FSP Business.
So keep all financial records, because SARS can suspend your Vat refund payment and any interest on it if you can't verify the refund when SARS asks you to do so, says The Practical Vat Loose Leaf Service
This is also important because SARS will refuse to pay your Vat refund if you have any other outstanding tax issues like not paying your employees' PAYE, or owing money to Customs.
Here's how to see if all is on track to receive the Vat refund you've claimed from SARS!
Then, once you've submitted your Vat return, you can use SARS' Vat refund dashboard available through eFiling to track the progress of your Vat refund, says FSP Business
This is the easiest way to check your Vat compliance, as SARS' Vat refund dashboard will show you if SARS needs any more information or documents from you to process any Vat refund due to you.
Simple as that.
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