How will the VAT increase affect me?

How will the VAT increase affect me?

How will the increase affect me if I am a VAT vendor?
Generally, the change should be fairly neutral if you only make taxable supplies as the increased rate of VAT will be charged to your customer and your additional VAT expenses can generally be claimed as input tax. However, if you also make exempt or other non-taxable supplies, the increased VAT may become a cost to your business if it cannot be claimed as input tax or the VAT charged is specifically denied as input tax.

Some of the more specific practical and administrative issues faced by vendors will be dealt with in the FAQs external guide.

Click here to download your VAT FAQ External Guide

For any queries, please contact 0861 460 100, vat@aboutitgroup.co.za.

 

Yours sincerely,

The About IT Team
www.aboutitgroup.co.za