Glossary

This glossary describes some of the terms used on the SARS website. While every effort has been made to present accurate and up-to-date definitions, this glossary should be used as an interpretive aid only and not as an authority. SARS will not be liable for any damages of whatsoever nature arising out of the use of, reference to or reliance on any of the definitions contained herein.
 
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Valuation Agreement
Price actually paid or payable for the goods.

Value of debt/outstanding debt
Includes capital tax amount, additional tax, duties, levies, penalties and interest.
 
Value of the total of the aggregate of all assets outside South Africa
For the SVDP purposes, the value is the market value determined in the relevant foreign currency translated to South African Rand at the spot rate at the end of the tax period in which the highest value fell. The highest value of the total of the aggregate of all assets outside South Africa derived from undeclared income and accumulated between or deemed to be between 1 March 2010 and 28 February 2015 will be included in the taxable income and subject to tax in South Africa.

Variable rate
Is defined as a rate determined with reference to an interest or indexation rate or similar factor, being a rate or factor that varies or may vary during the term of the instrument.

VAT
VAT (Value-Added Tax) is an indirect tax based on consumption of goods and services in the economy. Revenue is raised for the government by requiring certain traders or vendors to register and to charge VAT on taxable supplies of goods or services.

VAT Act
The Value-Added Tax Act, No 89 of 1991.

VAT201
Vendor Declaration form

VATSA
Value-Added Tax Statement of Account

VCC
Venture Capital Company

VDP
Voluntary Disclosure Programme

VDU
Voluntary Disclosure Unit

Vehicle
Any aircraft, train, motor car, van, truck, cart, barrow or other conveyance of any kind whatsoever and includes the fittings, furnishings and equipment thereof and also pack animals and their harness and tackle.

Vendor
A person who is liable to register for VAT in terms of the VAT Act.

Vermouth
Refers to a wine with flavouring or flavouring agents.
 
 
VIP
Very Important Person

Visitor
Taxpayer, Trader, Tax Practitioner, Taxpayer representative who comes to a SARS office for service.

VOC
A Voucher of Correction document used to correct errors or / and omissions on the original Customs declaration.

VRA
Vat Refund Administrator

VRP
Vendor Risk Profiling
Last Updated: 30/01/2017 3:43 PM     print this page
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