Page 438 - Juta's Indirect Tax

IN 56 (2) VaLue-added tax act: InterPretatIOn nOtes IN 56 (2) Annexure C – Example of a recipient-created tax invoice
Annexure D – Example of tax invoices
Abridged tax invoice
A tax invoice must contain the following particulars where the consideration for the supply exceeds R50, but not R5 000 before it will constitute a valid tax invoice (referred to as an ‘abridged tax invoice’):
• The words ‘tax invoice’ displayed in a prominent place.
• The name, address and VAT registration number of the supplier.
• An individual serialised number and the date on which the tax invoice is issued.
• A full and proper description of the goods (indicating, where applicable, that the goods are second-hand goods) or
services supplied. • Either –
– the value of the supply, the total amount of tax charged and the consideration including tax charged for the supply; or
– the consideration including tax charged for the supply and either the amount of tax charged or a statement to the effect that it includes a charge for the tax and the rate at which the tax was charged.
The value and consideration must be denominated in Rands. An abridged tax invoice may however not be issued in relation to a zero-rated supply.
430 Juta’s IndIrect tax 2016