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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. 

 

Source: gov.za   

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