25. SARS VAT Vendors Guide.pdf

For more information about the sars efiling service

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For more information about the SARS eFiling service and how to register, see the Guide for Value-Added Tax via eFiling , or log on to . If you have any queries you can contact the SARS Contact Centre on 0800 00 7277 between 08h00 – 17h00 on weekdays. The eFiling support centre can also be reached via fax on 011 602 5312. 10.4.3 Payments at various banks You may choose to pay your VAT at certain banks. 103 Please make sure that your payment is made on or before the due date reflected on the VAT return. 104 Please note that you must still send your VAT201 return to SARS for capturing even if you have made payment at the bank or if you are submitting a nil return. Example 30 – The VAT payment reference number The following is an example of the VAT PRN for VAT No. 4880124452 for the tax period ending June 2015: PRN : 4880124452VC2016128 Beneficiary ID: SARS-VAT Note: The above information is also pre-printed on your VAT return. You must ensure that payment will reach SARS by the due date shown on the VAT return. SARS has emphasised that payments received late as a result of these changes would lead to penalties and interest being imposed. Therefore, to avoid these amounts from being levied, kindly adhere to the time frames for the submission of VAT returns and payments tabled below: Payment method Returns Payment Over the counter payments at certain banks directly into SARS’s account 25 th or preceding business day 25 th or preceding business day Manual submission of return and payment 25 th or preceding 25 th or preceding 103 See the Payment page on the SARS website for more information on the relevant banks. 104 For more details see the Guide to the Payment Advice Notification Functionality on eFiling . 84
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VAT 404 – Guide for Vendors Chapter 10 via Electronic Funds Transfers (internet banking) business day business day eFiling of return and payment via either SARS eFiling or EFT (internet banking) Last business day of the month Last business day of the month Note that in the case where no taxable supplies were made, or there is otherwise no tax payable for the relevant tax period, you must submit a nil return to SARS. 10.5 Payment limits (EFT / eFiling / bank payments) The banks and the Payments Association of South Africa (PASA) have set payment limits on cheques, ATM transactions and electronic payments. These measures are aimed at moving high-value payments to the South African Multiple Option Settlement system (SAMOS), operated through the South African Reserve Bank (SARB). The limit for credit payments made via EFT is R5 000 000. The following is how these limits will affect you as a vendor: EFT payments in excess of R5 000 000 must be cleared with your banker. With the exception of a few banks, 105 eFiling transactions will not be affected by these rules as no limits are imposed.
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