| (1) | An electronic services supplier is required to issue a tax invoice in terms of section 20(5B) of the Act, containing, as a minimum, the following particulars: |
| (a) | The name and VAT registration number of the electronic services supplier; |
| (b) | The name and, where the electronic services recipient is a vendor, the VAT registration number of the electronic services recipient; |
| (c) | The business address, residential address or postal address of the electronic services recipient; (c) An individual serialised number; |
| (d) | The date on which the tax invoice is issued; |
| (e) | A full and proper description of the electronic services supplied; and |
| (f) | The consideration in money for the supply in the currency of any country and if the consideration is reflected in the currency of— |
| (aa) | the value of the supply; and |
| (bb) | the amount of tax charged or a statement that the consideration includes a charge in respect of the tax and the rate at which the tax was charged; or |
| (ii) | any country other than the Republic— |
| (aa) | the amount of the tax charged in the currency of the Republic and the exchange rate used; or |
| (bb) | a separate document issued by the electronic services supplier reflecting the amount of tax charged in the currency of the Republic and the exchange rate used. |
| (2) | An electronic services supplier issuing a tax invoice reflecting the consideration in money in the currency of any country other than the Republic must convert the tax charged to the currency of the Republic. In this regard, the exchange rate that must be applied in order to determine the tax charged, is the— |
| (a) | daily exchange rate1 on the date the time of supply occurs; |
| (b) | daily exchange rate on the last day of the month preceding the time of supply; or |
| (c) | monthly average rate for the month preceding the month during which the time of supply occurs. |
| (3) | The exchange rate to be used by the vendor for purposes of paragraphs (2)(a), (b) and (c) is the rate as published by— |
| (a) | the South African Reserve Bank (www.resbank,co,za); |
| (b) | Bloomberg (www.bloomberg.com); or |
| (c) | the European Central Bank (www.ecb.europa.eu). |
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1 The exchange rate is the weighted average of the banks' daily rates at approximately 10:30 am.
