Value-Added Tax Act, 1991 (Act No. 89 of 1991)RegulationsDomestic Reverse Charge Regulations2. Responsibilities of the supplier of valuable metal, being a registered vendor |
Where a registered vendor makes a supply of valuable metal to another vendor in the Republic, the vendor making the supply shall—
| (a) | take reasonable steps to ensure that the recipient of the supply of valuable metal is a registered vendor; |
| (b) | in addition to the requirements contemplated in section 20 of the Act, issue a tax invoice subject to the further requirements stated in Regulation 4, unless the recipient, being a registered vendor, has been granted approval to issue tax invoices under section 20(2) of the Act; |
| (c) | only account for the value of the supply of valuable metal on the tax invoice, debit or credit note contemplated in subparagraphs (b) and (e), in accordance with Regulation 6(a) and not the VAT charged on the supply of the valuable metal; |
| (d) | not be entitled to input tax on irrecoverable debts under section 22 of the Act on the VAT charged on the supply of valuable metal; |
| (e) | in addition to the requirements under section 21 of the Act, issue debit and credit notes subject to the further requirements stated in Regulation 5, unless the recipient, being a registered vendor, has been granted approval under section 21(4) of the Act to issue debit and credit notes; |
[Regulation 2(e) substituted by Amendment Notice No. 4793, GG50642, dated 10 May 2024]
| (f) | in addition to the normal VAT record-keeping requirements, obtain, retain, and maintain, as part of the VAT record-keeping requirements, a list of all supplies of valuable metal that are subject to the domestic reverse charge contemplated in these Regulations and the documentary evidence contemplated in subparagraph (a) and Regulation 3(a); and |
[Regulation 2(f) substituted by Amendment Notice No. 4793, GG50642, dated 10 May 2024]
| (g) | provide full and proper description of the valuable metal as well as the percentage of the gold content contained within the valuable metal, unless the supplier and the recipient agree that the recipient shall determine the percentage of the gold content. |
[Regulation 2(g) inserted by Amendment Notice No. 4793, GG50642, dated 10 May 2024]