Any taxpayer will, at some stage in his lifetime, have heard someone say that when you must pay SARS, you must pay at once. But when SARS must pay you, it takes forever!

Have you experienced the truth in this statement by ever filing a Vat return that results in SARS owing you? If so, you are one of many, many Vat vendors who either have not received their refund, or, who have received it but only after waiting for ages!

SARS has 21 days to refund you.

The Vat Act says so! In addition, the law also says that if they don't do so, they must pay you interest on their late payment! Sound too good to be true?

It's not.

What must SARS do with your refund return?

• They capture it on their system
• The refund return is now screened. SARS asks whether a Vat audit is necessary before a refund is made. If so, the SARS auditor must contact you to proceed with the audit.

What are your further duties?

• Once you submit your refund return, make sure that you are available for an audit. And don't forget to have all the relevant documents that pertain to the refund, on hand. (This is also why it's important that SARS always has your current contact details!If it can't reach you, it can't refund you)
• Should a SARS auditor contact you, arrange for an appointment for the audit to be carried out.
• Make sure all your other taxes are up to date and you owe nothing to SARS!
• Remember to count your 21 business days yourself, so you can keep an eye on SARS! You start counting from the day you submit your Vat return!

All of this detailed and practical information lies waiting for you in The Practical Vat Loose Leaf.

Try our complete Vat Advisory Service risk-free for 14-days. As part of this service you'll receive the Practical Vat Loose Leaf, three Bonus Reports, Regular updates, the daily Tax Bulletin, Online access to past Vat Updates and access to the Vat Helpdesk.

What else you'll discover in the Practical Vat Loose Leaf, to help you take control of your Vat:

Checklists, to save you time and ensure you don't miss a thing!

• 5 exceptions to the basic fringe benefits rule
• 6 vehicles that SARS opens the doors to
• 4 critical facts you must know about Vat when you receive an insurance settlement
• Documents to attach to your VAT101 application
• 6 basic rules about travel and Vat

Vat advice you can put into practice today:

• 24 activities that qualify for the diesel refund scheme
• How to claim every input tax credit possible
• Check your input tax claims satisfy these 2 criteria
• How to deal with errors on your return
• How to complete your Vat return
• 4 important documents to keep for export between branches