What is Vat?
A value-added tax, known in some countries as a goods and services tax, is a type of tax that is assessed incrementally. It is levied on the price of a product or service at each stage of production, distribution, or sale to the end consumer.
What is the VAT rate in South Africa 2021?
VAT is levied at the standard rate of 15% on the supply of goods and services by registered vendors. A vendor making taxable supplies of more than R1 million per annum must register for VAT.
How much is VAT now?
Nature of supply to which the 12.5% VAT rate currently applies: Admission to shows, theatre productions, circuses, fairs, amusement parks, concerts, museums, zoos, cinemas and exhibitions. The temporary reduced rate does not apply to admissions that are normally exempt from VAT under the existing cultural exemption.
What are the 3 types of VAT?
There are three categories of supplies that can be made by a VAT vendor: standard-rated, zero-rated and exempt supplies.
How do I calculate VAT from SARS?
You can calculate the VAT owed to SARS by adding the VAT that you have added to your invoices, and then subtracting the input VAT such as purchases, rent, water, electricity and other costs. The difference in these amounts will then be paid to SARS.