South Africa: Government Clarifies Local VAT Reverse Charge Guidelines for Valuable Metals
Notice No. 2140 was announced in the South African Official Gazette, clarifying the local VAT reverse charge restrictions for precious metals.
The regulations include measures:
- Defining the obligations of authorized providers and receivers of precious metals
- Implementing report responsibilities, such as billing and credit and debit record criteria
- Applying joint and multiple liabilities for outstanding VAT for sellers and receivers of precious metals under the reverse charge
- Eligibility criteria for VAT registration and re-registration; and
- Putting in place provisional procedures and making August 1 the mandatory date of compliance for registered suppliers under the reverse charge mechanism.
The restrictions will go into effect on July 1, 2022.
Source: gov.za
