South Africa: VAT guide on import of goods
VAT guidance for the importation of goods into the country was released by the South African Revenue Service. The purpose of the guide is to enhance the understanding of the payment of VAT on goods imported into South Africa.
The VAT guide includes the following points:
- the methods, conditions, and documentation guidelines for claiming VAT deductions;
- a 30-day conditional deferment period for VAT payments, followed by a 7-day payment deadline;
- the exemptions for the importation of qualified items;
- security for the value-added tax that may become payable;
- steps for calculations with examples;
- a refund of value-added tax levied on the import of goods into South Africa.
Source: www.sars.gov.za
