Swazi Observer

FULL STORY

NEW VAT RETURN FORMS NOW AVAILABLE AT SRA

By Majaha Nkonyane | 2018-08-16

FOLLOWING the recent hike which was effected on August 1, SRA has since availed new VAT return forms which are now available at all service centres.

This is according to information supplied on the SRA website, which shows that the change however does not affect zero rated supplies.

The new form requires that customers declare all 14 per cent transactions for both input tax and output tax under ‘other’ adjustments. For quarterly filers, all supplies made last month, will be under ‘other’ adjustments as well.

The general time of supply rule according to SRA is the earlier date on which the goods were delivered or made available or when the performance of the service was completed and when an invoice for the supply was issued.

supply

This also applies to payment including part-payment for the supply.

The note does not deal with special time of supply rules which apply on some transactions like supplies made under rental agreements, hire purchase or finance lease, auctions, own or exempt use.

In addition, businesses using the invoice basis of accounting are advised to charge VAT at the rate of 15 per cent instead of 14 per cent on any taxable supplies that they made on or after August 1 and account for the VAT charged on invoices issued in return forms.

Customers are also advised to claim input tax at the old VAT rate on supplies that took place before the effective date, subject to certain exceptions.

This will need for customers to carefully check the tax invoices that they receive after the effective date before completing and submitting their VAT return form and making the payment.

share story