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

The South African Official Gazette May 17 published Notice No. 4845, amending the domestic VAT reverse charge regulations for precious metals, issued under Section 74 of the VAT Act, 1991. The amendments include measures: 1) redefining “residue” to include waste items derived from or incidental to a mining operation, and “valuable metal” to cover a broad range of goods and materials containing gold, excluding specified goods; 2) changing the requirements about the issuance of debit and credit notes; 3) expanding VAT record-keeping requirements; and 4) ensuring the full and proper description of valuable metals, as well as the gold content ...