Pretoria - The South African Revenue Service (SARS) has announced a new form for the remittance of Value Added Tax.
The VAT 201 form became available on e-filing on Monday.
The form will impact all vendors, specifically those involved in the import and export of goods. These vendors will now be required to indicate separately on their declarations all transactions involving the import and export of goods.
Taxpayers who submit their VAT201 manually must utilise the form as was provided to them by the Revenue Services.
"SARS believes that the changes being introduced will help to improve efficiency and compliance across the different taxes administered by SARS," it said.
The updated form includes additional information fields that will have to be filled in like a filed for the calculation of input tax that applies to capital goods imported in respect of which a valid release document is held.
The form also includes a field for the calculation of input tax that applies to non-capital goods in respect of which a valid release document is held as well as a customs code next to the filed for "trading or other name".
This is the eight digit number issued to importers and exporters when they register with the Revenue Services.
For further assistance vendors can visit a SARS branch or contact SARS on 0800 00 SARS (7277) or visit the VAT page on:
http://www.sars.gov.za/home.asp?pid=194.
