VAT Information
VAT Compliance for South African Businesses: Essential Guide
Complete guide to VAT registration, calculations, submissions, and compliance requirements for SA businesses.
Mpho Dube, Financial Analyst
2024-12-19
18 min read
Value-Added Tax (VAT) compliance is a critical aspect of doing business in South Africa. This comprehensive guide covers everything from registration requirements to submission deadlines and penalty avoidance.
Understanding VAT in South Africa
VAT is a consumption tax levied on the supply of goods and services in South Africa. Currently set at 15%, VAT affects most business transactions and requires careful management for compliance.
Key VAT Facts for 2024
- • Current VAT Rate: 15% (increased from 14% in 2018)
- • Registration Threshold: R1 million annual turnover
- • Voluntary Registration: Available for businesses below threshold
- • Submission Periods: Monthly or bi-monthly options
- • Payment Terms: 25th of the month following tax period
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