Before the Domestic Reverse Charge came into effect on 1 August 2022, Registered VAT vendors were able to claim back input VAT on all items purchased from registered VAT vendors that included valuable metals such as gold.

After 1 August 2022, the Domestic Reverse Charge has prohibited VAT vendors from claiming back input VAT of 15% on valuable metals purchased.

Content Discussed:

• Reasons for The Domestic Reverse Charge Regulations update
• Any entity who has a valuable metal in their trade, is legally obligated to register for Domestic Reverse Charge
• Who does it not apply to?
• Zero Rated items – to claim or not to claim?
• What is regarded as valuable metal as per SARS
• What is meant by "residue"?
• How and when to declare.
• A practical example will be provided on how to complete your VAT201 return as a registered VAT vendor
• What are the new legislation requirements for each VAT vendor that trades with valuable metals

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