Value-Added Tax Act, 1991 (Act No. 89 of 1991)RegulationsDomestic Reverse Charge Regulations5. Additional requirements for credit and debit notes |
In addition to the requirements for credit and debit notes contemplated in section 21 of the Act, a debit or credit note must contain the following additional requirements:
| (a) | a clear reference on the debit or credit note that the supply of valuable metal is subject to the domestic reverse charge as contemplated in these Regulations; and |
| (b) | a statement that the— |
| (i) | increase, in the case of a debit note, to the VAT amount that was previously accounted for and paid by the recipient, being a registered vendor, must be accounted for and paid by such recipient to SARS; or |
| (ii) | decrease, in the case of a credit note, from the VAT amount that was previously accounted for and paid by the recipient, being a registered vendor, must be accounted for and deducted by such recipient in its VAT return. |