Did you Know: SARS Must Refund Your Vat Within 21 Business Days?

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 they 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 give in your refund return, make sure that you and all the relevant documents that pertain to the refund are available for audit. (This is why it is important to ensure that SARS always has your current contact details!)
  • 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 to keep an eye on SARS! You start counting from the day you give in 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 Weekly Tax Bulletin, Online access to past Vat Updates and a Vat Helpdesk.

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

  • Are there any inaccuracies in your tax invoices? You may be liable for penalties, interest and even prosecution!
  • What keeps 93% of accountants awake at night?
  • Step by step: How to raise an objection to an assessment
  • Types of activity that don’t qualify for Vat registration
  • How to complete your Vat return
  • Check your input tax claims satisfy these 2 criteria
  • How to deal with errors on your return
Best of all, you can try the Practical Vat Loose Leaf Service Risk-Free
for 14 days before you commit a cent on our service.
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