Brief summary of the legal requirements and process of becoming and ceasing to be a VAT vendor, including the administrative compliance periods, navigating the eFiling system as a VAT vendor and performing VAT reconciliations. ❖ Brief summary of the driving force behind VAT: • What is a supply and how is VAT charged on a supply? • What kind of supplies will vendors encounter and how do we distinguish between them? • When are vendors allowed to claim input taxes and when would it be denied? This includes a discussion on specific items on which input tax may not be claimed, such as motor vehicles and entertainment. ❖ Vat invoices, quotes and other related documents required by SARS and the content it must reflect to be acceptable. ❖ The rules for applying the zero-rate to exports. ❖ Deemed supplies such as fringe benefits and insurance pay-outs. ❖ Agents, principals and cost-recoveries. ❖ Accommodation (residential and commercial accommodation). www.bookings.probetatraining.co.za 5 ❖ Miscellaneous transactions and the VAT implications thereon, including: • Leases • Bad and doubtful debts and creditors ❖ Should you require a specific element to be added to or removed from this list, please notify us promptly.