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.
- 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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