Just the penalties on the resultant short payment in the audited period will be irritating
Just the penalties on the resultant short payment in the audited period will be irritating
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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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