Results 1 to 3 of 3

Thread: VAT Rates

  1. #1
    Email problem
    Join Date
    Jan 2009
    Vredenburg, W Cape
    Thanked 0 Times in 0 Posts

    Question VAT Rates

    Hi Guys (& Gals)
    I have moved recently from Zimbabwe and have started a company here. It is now registered for VAT. The question is, is there any list on VAT Rates and what is exempt from VAT. Or is it 14% for everything?

  2. #2
    just me duncan drennan's Avatar
    Join Date
    Jun 2006
    Cape Town
    Thanked 94 Times in 77 Posts
    Hi Dave,

    The best place to start is by reading through the VAT 404 guide. Certain items are exempt, others are zero rated, and the rest is at 14%. The guide has a whole lot of info that you need to be aware of, from what a proper tax invoice should have on it, through to info about zero rated and exempt supplies.

    There are quite a few requirements for zero rated and exempt supplies, so you'll also need to read through the relevant interpretation notes.
    [SIGPIC]Engineer Simplicity[/SIGPIC]
    Turn ideas into products | The Art of Engineering blog

  3. #3
    Site Caretaker Dave A's Avatar
    Join Date
    May 2006
    Durban, South Africa
    Thanked 2,676 Times in 2,258 Posts
    Blog Entries
    As Duncan says, you'll need to read the quide.

    It struck me that the question might not be as simple to answer as it looks. It's not just output VAT you've got to think about - it's claimable input VAT too.

    Rate wise, you're either using 14% or 0%. When generating invoices, there are some things that are not taxable supplies, eg. fuel, interest and some basic foodstuffs, but you need to charge VAT on pretty much everything else.

    On claiming input VAT things can get a little more complex.

    Dave, what line of business are you in? That would help narrow things down a bit.

Similar Threads

  1. Changes to VAT registration process
    By CharlesM in forum Tax Forum
    Replies: 8
    Last Post: 08-Nov-08, 09:42 PM
  2. Reimbursing travel expenses and VAT
    By duncan drennan in forum Tax Forum
    Replies: 2
    Last Post: 15-Oct-08, 04:58 PM
  3. Rates on Sectional Title Units
    By Sieg in forum General Business Forum
    Replies: 1
    Last Post: 29-Aug-08, 01:14 PM
  4. Seperation of mortgage bond rates is on the radar.
    By Dave A in forum Business Finance Forum
    Replies: 3
    Last Post: 04-Oct-06, 01:23 PM

Tags for this Thread

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