South Africa: Government Clarifies Local VAT Reverse Charge Guidelines for Valuable Metals
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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.