Results 1 to 7 of 7

Thread: Input Vat on Imports

  1. #1
    New Member
    Join Date
    Apr 2012
    Location
    Gauteng
    Posts
    9
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Input Vat on Imports

    We are a registered VAT vendor, we have imported goods from China. A shipping company has delivered the stock to us, on the invoice is an amount for Customs Vat how do I go about claiming this? would it be handled as normal input, it's my first time handling the import side of accounting not 100% sure on the way to go about it, if anyone could help please.

  2. #2
    Diamond Member Neville Bailey's Avatar
    Join Date
    Nov 2010
    Location
    Westville, Durban
    Posts
    2,760
    Thanks
    44
    Thanked 451 Times in 396 Posts
    Hi Rene,

    What accounting system are you using?
    Neville Bailey - Sage Pastel Accounting Consultant
    www.accountingsoftwaresupport.co.za
    neville@accountingsoftwaresupport.co.za
    IronTree Online Solutions

    "Give every person more in use value than you take from them in cash value."
    WALLACE WATTLES (1860-1911)

  3. #3
    New Member
    Join Date
    Apr 2012
    Location
    Gauteng
    Posts
    9
    Thanks
    0
    Thanked 0 Times in 0 Posts
    Hi Neville,
    We are using Pastel.

  4. #4
    Diamond Member Neville Bailey's Avatar
    Join Date
    Nov 2010
    Location
    Westville, Durban
    Posts
    2,760
    Thanks
    44
    Thanked 451 Times in 396 Posts
    OK, then you need to use VAT type 06 on the customs VAT line item on the supplier invoice, and allocate the transaction to GL code 9990/000 (suspense account).

    VAT type 06 takes 100% of the transaction value (the customs VAT) to the VAT control account, as input tax. Even though you have used the suspense account, no value will be posted there, as 100% of the transaction will be treated as VAT.
    Neville Bailey - Sage Pastel Accounting Consultant
    www.accountingsoftwaresupport.co.za
    neville@accountingsoftwaresupport.co.za
    IronTree Online Solutions

    "Give every person more in use value than you take from them in cash value."
    WALLACE WATTLES (1860-1911)

  5. Thanks given for this post:

    Martinco (05-Apr-12)

  6. #5
    New Member
    Join Date
    Apr 2012
    Location
    Gauteng
    Posts
    9
    Thanks
    0
    Thanked 0 Times in 0 Posts
    And this vat is then claimable? Customs vat on imports.... sorry just making sure that I have all my "ducks in a row" We have imported the goods for resale.

  7. #6
    Diamond Member Neville Bailey's Avatar
    Join Date
    Nov 2010
    Location
    Westville, Durban
    Posts
    2,760
    Thanks
    44
    Thanked 451 Times in 396 Posts
    Quote Originally Posted by Rene02 View Post
    And this vat is then claimable?
    Yes, it is.
    Neville Bailey - Sage Pastel Accounting Consultant
    www.accountingsoftwaresupport.co.za
    neville@accountingsoftwaresupport.co.za
    IronTree Online Solutions

    "Give every person more in use value than you take from them in cash value."
    WALLACE WATTLES (1860-1911)

  8. #7
    New Member
    Join Date
    Apr 2012
    Location
    Gauteng
    Posts
    9
    Thanks
    0
    Thanked 0 Times in 0 Posts
    Thanks for all your help!

Similar Threads

  1. Input & Output VAT
    By DaisyGirl in forum Tax Forum
    Replies: 21
    Last Post: 21-Apr-22, 12:50 PM
  2. How to pay for imports
    By Dave A in forum Business Finance Forum
    Replies: 12
    Last Post: 12-Apr-13, 09:05 AM
  3. China Imports for Dummies - Finding a Supplier
    By yuemax in forum General Business Forum
    Replies: 25
    Last Post: 29-Nov-11, 08:19 AM
  4. Subsidies for imports?
    By Blurock in forum General Business Forum
    Replies: 3
    Last Post: 15-Nov-11, 08:14 AM

Did you like this article? Share it with your favourite social network.

Did you like this article? Share it with your favourite social network.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •