Kieswetter advises on what vendors should do about VAT reversal
VAT transactions which were charged at 15.5% must be reported in field 12 (for output tax) and field 18 (for input tax) of the VAT return, says the commissioner
25 April 2025 - 15:45
Sars commissioner Edward Kieswetter has acknowledged the significant practical implications that the decision by finance minister Enoch Godongwana to reverse the planned half a percentage point VAT rate increase will have and has provided advice to vendors on how to proceed.
Business spent millions adjusting their systems to prepare for the increase which was due to take effect on May 1 and will now have to undo that work after this week’s announcement that the increase would be withdrawn. ..
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