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Section 20 4 requires that a tax invoice must be issued in South African Rand, except in the case where the supply qualifies for the rate of zero percent. However, where an agreement stipulates the consideration for a standard rated supply in a foreign currency, the tax invoice may be issued in the foreign currency, but the South African Rand equivalent of the consideration and the VAT thereon must also be reflected on the tax invoice to comply with the provisions of section 20 4 of the VAT Act.

The rate, at which the foreign currency must be converted, is the rate applicable on the date the tax invoice is issued.

The same amount may be claimed by the recipient of the supply if it qualifies as input tax in the hands of the recipient. Any movement in the exchange rate from the date the tax invoice is issued to the date of payment by the recipient is simply ignored for VAT purposes as it is not considered to alter the consideration for the supply and is viewed by SARS to be the payment of money. If you are looking to transfer money out of South Africa and require a tax clearance certificate get in touch with Incompass Forex today.

Incompass is operating as normal during South Africa's national lockdown. Please contact us on the numbers above if you require assistance with money transfers to or from South Africa. Subscribe RSS. Skip to content Skip to main menu Menu.

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