VALUE ADDED TAX (VAT) notes

This section introduces Value Added Tax (VAT): what it is, why it exists, and the VAT vendor role with SARS. VAT is a tax levied on the supply of goods and services by vendors. Businesses charge it…

This section catalogues VAT concepts and rate types: standard-rated, zero-rated, exempt, taxable supplies, and input vs output VAT. Taxable supplies (VAT-able items) are goods or services on which…

This section is VAT calculation METHOD: extract VAT from inclusive amounts, add VAT to exclusive amounts, and settle output − input as payable or refundable. Journals and the VAT Control ledger…

This section is ethics and internal control for VAT only. An earlier section taught calculation METHOD and Control posting. Here you judge understatement of output, inflated input claims, fake…