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Who's required to register for Vat? Find out here

by , 14 September 2015
Not everyone is required to register for Vat.

But for all of you who are, there are generally two types of registration, namely compulsory and voluntary registration.

Here they are briefly discussed below:

1. Compulsory registration

If you have a business and your total taxable turnover exceeds, or is likely to exceed, R1 million in any 12-month period, you HAVE TO register for Vat. No questions asked…
 

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2. Voluntary registration

If your taxable turnover doesn't exceed the taxable turnover threshold, you can still register for Vat under the following conditions: 

If you have a business and your total taxable turnover is more than R50 000; 
You plan to carry on a business as a going concern from a determined time and date, and it incurred a taxable turnover of more than R50 000;
If you have an enterprise share block company, a municipality or a welfare organisation you can register for voluntary Vat even if your taxable turnover is less than R50 000; or
If your business will only provide taxable supplies after some time, like a plantation, then you can register for voluntary Vat. But first you will have to give a detailed layout of your business to SARS. 


So, there was a brief description on who's required to register for Vat. 

To learn more, click below…
 
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