Vat201 Form
Don’t know how to complete your VAT201 return? Don’t forget to fill out this section when you complete your IT14SD form » “I’ve submitted my Vat. VAT 201 returns. The only difference occurs in the way in which the form is laid out and it is advised that you need to be careful when completing the new.
VAT 201 returns Value-added Tax 1884. VAT 201 returns October 2010 - Issue 134 In April this year, the South African Revenue Service (SARS) sent out a newsletter to all VAT vendors that addressed the pending changes to the VAT 201 return. Scarface Game Xbox 360. The final version of the new VAT 201 was made available by SARS on 28 June 2010. If you are not an importer or exporter, then there appears to be very little to be concerned about.
The only difference occurs in the way in which the form is laid out and it is advised that you need to be careful when completing the new document to ensure that the correct information is filled in as new lines have been added. Importers and exporters should take careful note of the changes to the form, as accounting system modifications may be required in order to generate the necessary information.
The changes relating to imports and exports were introduced to better administer these types of transactions by linking the vendors Customs registration number to the VAT number. The new lines that have been introduced are as follows: • line 2A indicates zero-rated supplies of all goods exported • line 14A for the input tax claim relating to capital goods imported • line 15A relates to the input tax claim relating to non-capital goods imported. As a clear distinction is made between the input tax claims for capital and non-capital goods, vendors MUST ENSURE that their accounting records correctly reflect these items for VAT purposes. A new field for the inclusion of the Customs Code number has also been introduced. If any of the abovementioned new lines contain any figures/amounts, then the completion of the Customs Code number field is obligatory. Further, for any amounts included in the new input tax lines, vendors must have the necessary customs release documents; whereas the export lines must be supported by the information required by SARS in terms of its Interpretation Note 30.
As a clear distinction is made between the input tax claims for capital and non-capital goods, vendors must ensure that their accounting records correctly reflect these items for VAT purposes. According to SARS, the VAT 201 forms posted to taxpayers will from now on be the updated forms. Where vendors are on e-filing, the e-filing forms will automatically be updated to reflect the additional lines and Customs Code number field. In bringing about the abovementioned changes, SARS is creating a platform for better correlation and control relating to transactions that include both Customs and VAT aspects. These changes are in addition to the new international tax amendments addressed by SARS and Treasury in the 2010 Taxation Laws Amendment Bills as well as the newly released South African Reserve Bank voluntary disclosure programme. SARS is clearly turning its attention to international tax and finance issues across all the tax lines and within different regulatory bodies, and taxpayers should be advised to ensure that their houses are in order.