29 August 2024
On 1 September 2024 the South African Revenue Service (SARS) will scrap its current import VAT exemption on low value goods.
This import VAT exemption allows imports up to a value of 500 rand (approx. £21) to be cleared into South Africa VAT free, and once removed it will mean all imported goods will be subject to VAT at 15% when entering the country.
The SARS hope that the removal of this exemption will eliminate the unfair advantage it gives to businesses outside of South Africa over resident providers who must charge VAT when selling the same low value goods in country.
Are you trading globally? Whether you require basic VAT advice or specific VAT compliance support, Fiscal Solutions can help. Our team of multi-lingual experts are knowledgeable in all the different VAT rules in Europe and around the world.
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