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08
Aug
CEO's Report

New VAT rate: this is how it works

“There have been many queries from the local real estate industry on how the new 15% VAT rate, taking effect from 1 April 2018, will affect current property business transactions.”

In REBOSA’s newsletter last week, John Gilchrist, Director Property Law Publications, reported on SARS’ answers on when to apply the new VAT rate on different property sales. The article is reprinted here with REBOSA’s permission.

General Principles

The new rate of 15% becomes applicable from the date of supply of ‘VAT-able’ goods by a registered VAT vendor to a purchaser. This is very easily worked out – it is either the date of the transaction or the date of a VAT invoice issued by the vendor, whichever occurs first. The date of ...

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