FTA Points A Public Clarification Regarding VAT Registration Of Sole Establishments

The FTA indicated that any registrant must inform the FTA of any undeclared output tax by submitting a voluntary disclosure in accordance with Federal Regulation No. 7 of 2017 on Tax Procedures, for instance the place the registrant disregarded any of his sole institutions or taxable supplies made in his personal capacity for VAT purposes. This consists of cases where an individual did not register for VAT on the premise that the obligatory VAT registration threshold was not exceeded on a stand-alone basis by that pure particular person or his sole institution(s).

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As soon as your organization exceeds R1 million in annual sales, you are legally required to register for VAT at SARS. Businesses that fall into this category are known as distributors. Upon registration, you are permitted so as to add the additional charge to the entire worth of your products and services. New distributors are required to complete and submit the VAT a hundred and one type- Application for registration at SARS centers, no later than 21 days after surpassing the R1 million sales mark.

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