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Want your Vat refund to go smoothly? Do the following when you change your bank details

by , 05 February 2014
You probably know that SARS makes Vat refund payments electronically to your bank account. This means you must ensure SARS has your full and correct bank details so it can facilitate smooth and uninterrupted refunds. But what happens if you change your bank details? In that case, here's what you must do...

It's your responsibility to provide SARS with the correct information to refund you.

If your bank details change, you must do the following so SARS can pay your Vat refund correctly

You must go to SARS with the full details if you change your bank account. Here's what to take with you:

  • A letter saying you want to change your bank details. You must state what your new bank details are;
  • Three months' worth of bank statement;
  • An original letter from your bank. This letter must clearly state your account details and it must have the official bank stamp;
  • If you're a company, provide your original utilities bill; and
  • A certified copy of your ID.

Important: You can't send your tax practitioner, bookkeeper or secretary to a SARS branch to do this for you. SARS won't allow it. You MUST go yourself.

Go to the SARS client service centre where your business is Vat registered and produce the details we've provided above.

We'll stress this once again: It's your responsibility to ensure SARS has your bank details. And you must ensure that these are correct. This is important because 'SARS won't pay interest on late refunds where the refund was late because you failed to submit your banking details,' warns the Practical Vat Loose Leaf Service.

Knowing what to do when you change your bank details will help ensure SARS facilitate smooth and uninterrupted Vat refunds.

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