South Africa Gazettes Notice on Domestic VAT Reverse Charge Regulations for Precious Metals

The South African Official Gazette June 8 published Notice No. 2140, clarifying the domestic VAT reverse charge regulations for precious metals. The regulations include measures: 1) setting the responsibilities of registered suppliers and recipients of precious metals; 2) establishing reporting obligations, including invoicing and credit and debit note requirements; 3) implementing joint and several liability for suppliers and recipients of precious metals for unpaid VAT under the reverse charge mechanism; 4) providing VAT registration and re-registration requirements; and 5) implementing transitional measures and establishing Aug. 1 as the required date of compliance for registered vendors under the reverse charge mechanism. ...