FAQ's
FAQ's
Who needs to be registered for VAT?
- Any person that carries on a business may register for VAT voluntarily or involuntarily.
- Voluntary registration – a company must have made taxable supplies exceeding 50,000 in the past period of 12 months.
- Compulsory Registration – It is mandatory for a person to register for VAT if the taxable supplies made or to be made is, in excess of R1 million in any consecutive twelve month period.
How long does VAT registration process take?
From the time all documents are received registration takes one week.
When are VAT returns due for submission
Post registration the Company will be subject to monthly or bi monthly returns.
| Category | Submission types | Submission Period |
| A | Every two months | January, March, May, July, September and November |
| B | Every two months | February, April, June, August, October and December |
| C | Monthly | January to December |
| D | Every six months | February and August |
What are the consequences for non-compliance
Once registered for VAT compliance is of the utmost importance as a vendor is collecting tax on behalf of the Revenue Services. Non compliance can result in penalties and interest and in some cases imprisonment.