TAX PERIODS FOR VAT VENDORS

What tax periods are available for VAT? 

The following five categories of tax periods are available:

  • Category A
    • Under this category, a vendor is required to submit one return for every two calendar months, ending on the last day of January, March, May, July, September and November.
    • The Commissioner will determine whether a vendor falls within this category.

  • Category B
    • Under this category, a vendor is required to submit one return for every two calendar months, ending on the last day of February, April, June, August, October and December.
    • The Commissioner will determine whether a vendor falls within this category.

  • Category C
    • Under this category, a vendor is required to submit one return for each calendar month.
    • A vendor will fall within this category if :
      • the total value of taxable supplies made by the vendor has exceeded or is likely to exceed R30 million in any consecutive period of 12 months,
      • the vendor has applied in writing to be placed in this category, or
      • the vendor repeatedly failed to perform any obligations as required by the VAT legislation.
         
  • Category D
    • Under this category, a vendor submits one return for every six calendar months, ending on the last day of February and August.
    • This category applies mainly to a vendor who –
      • carries on farming activities, where the total value of taxable supplies is less than R1.5 million for a period of 12 months,
      • is a micro business that is registered in terms of the Sixth Schedule to the Income Tax Act.

  • Category E
    • Under this category, a vendor is required to submit one return for every twelve months, ending on the last day of the vendor’s year of assessment
    • This category applies to a vendor that is a company or a trust fund. Additional criteria, to fall within the ambit of this category, are set out in Chapter 3 of the VAT 404 guide.

 

Last Updated: 18/05/2016 11:34 AM     print this page
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