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Thread: REJECTED INVOICES AUDITED

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    REJECTED INVOICES AUDITED

    we imported goods and claimed vat. invoices were requested by sars and submitted. the invoices from the clearing agent were rejected due to my vat number not reflecting on the invoice.
    it is a huge amount for my small business to loose.
    is it possible to resubmit the rejected invoices in the next period with REVISED invoices?
    REGARDS

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    I see no reason why not.

    It is within the ambit of the Act. You actually five have years within which to claim input credits and this way is far quicker than re-opening the audit on the previous period.
    Last edited by CLIVE-TRIANGLE; 05-Mar-15 at 06:42 AM. Reason: left out "five"

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    Just the penalties on the resultant short payment in the audited period will be irritating
    The trouble with opportunity is it normally comes dressed up as work.

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    Simply request the agent to write your VAT number on the tax invoice and forward same to SARS. Otherwise (as Dave mentioned), SARS will impose a 10% penalty and probably either a 25% or 50% understatement penalty. Also make sure that you obtain and retain the bill of entry together with the receipt for the payment of the VAT on importation (which is usually retained by the agent).

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    Just the penalties on the resultant short payment in the audited period will be irritating
    Quite agree that is an issue for most of us. But the legality of what he has suggested is ok.
    Also, if he claims them in the next cycle he can always apply for waiver of the penalty raised on the revised assessment.

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