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Thread: After VAT Deregistration

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    Email problem vamily0804's Avatar
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    Unhappy After VAT Deregistration

    Hi,

    I just want to ask a quick question:

    What happens after VAT deregistration with the assets?

    And if I have to pay anything to SARS, where do I now get a form?

    Thanks

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    Silver Member geraldenek's Avatar
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    If your business has assets, for example, trading stock, buildings, equipment etc which were used in the course of the enterprise, VAT is payable on these assets by applying the tax fraction (14/114) to either the open market value of such assets or the original cost, whichever is lower. This is known as the “exit VAT”.

    you can use the following link to read more about which forms you will need.

    http://www.sars.gov.za/home.asp?pid=43466

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    Dave A (26-Jan-10)

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