Page 495 - Juta's Indirect Tax

IN 83
VaLue-added tax act: InterPretatIOn nOtes IN 83
(e)
(f) (g)
full and proper description of the goods (indicating, where applicable, that the goods are second-hand goods) or services supplied;
the quantity or volume of the goods or services supplied;
either—
(i) the value of the supply, the amount of tax charged and the consideration for the supply; or
(ii) where the amount of tax charged is calculated by applying the tax fraction to the consideration, the consideration for the supply and either the amount of the tax charged, or a statement that it includes a charge
in respect of the tax and the rate at which the tax was charged:
Provided that the requirement that the consideration or the value of the supply, as the case may be, shall be in the currency of the Republic shall not apply to a supply that is charged with tax under section 11.
(5) Notwithstanding anything in subsection (4), where the consideration in money for a supply does not exceed R5 000, a tax invoice (abridged tax invoice) shall be in the currency of the Republic and shall contain the particulars speci ed in that subsection or the following particulars:
(a) The words ‘tax invoice’ in a prominent place;
(b) the name, address and VAT registration number of the supplier;
(c) an individual serialized number and the date upon which the tax invoice is issued;
(d) a description of the goods (indicating, where applicable, that the goods are second-hand goods) or services
supplied; (e) either—
(i) the value of the supply, the amount of tax charged and the consideration for the supply; or
(ii) where the amount of tax charged is calculated by applying the tax fraction to the consideration, the consideration for the supply and either the amount of the tax charged, or a statement that it includes a charge
in respect of the tax and the rate at which the tax was charged:
Provided that this subsection shall not apply to a supply that is charged with tax under section 11. .. .
(7) Where the Commissioner is satis ed that there are or will be suf cient records available to establish the particulars of any supply or category of supplies, and that it would be impractical to require that a full tax invoice be issued in terms of this section, the Commissioner may, subject to such conditions as the Commissioner may consider necessary, direct—
(a) that any one or more of the particulars speci ed in subsection (4) or (5) shall not be contained in a tax invoice; or (b) that a tax invoice is not required to be issued; or
(c) that the particulars speci ed in subsection (4) or (5) be furnished in any other manner.
Section 21 – Credit and debit notes
(1) This section shall apply where, in relation to the supply of goods or services by any registered vendor—
(a) that supply has been cancelled; or
(b) the nature of that supply has been fundamentally varied or altered; or
(c) the previously agreed consideration for that supply has been altered by agreement with the recipient, whether due
to the offer of a discount or for any other reason; or
(d) the goods or services or part of the goods or services supplied have been returned to the supplier, including the
return to a vendor of a returnable container, the vendor in such case being deemed for the purposes of this Act to have made the supply of the container in respect of which the deposit was charged, whether the supply was made by him or any other person; or
(e) an error has occurred in stipulating the amount of consideration agreed upon for that supply, and the supplier has—
(i) provided a tax invoice in relation to that supply and the amount shown therein as tax charged on that supply is incorrect in relation to the amount properly chargeable on that supply as a result of the occurrence of any one or more of the above-mentioned events; or
(ii) furnished a return in relation to the tax period in respect of which output tax on that supply is attributable, and has accounted for an incorrect amount of output tax on that supply in relation to the amount properly chargeable on that supply as a result of the occurrence of any one or more of the abovementioned events.
.. .
(3) Subject to this section, where a tax invoice has been provided as contemplated in subsection (1)(i), and—
(a) the amount shown as tax charged in that tax invoice exceeds the actual tax charged in respect of the supply concerned, the supplier shall provide the recipient with a credit note, containing the following particulars:
(i) The words ‘credit note’ in a prominent place;
(ii) the name, address and VAT registration number of the vendor;
(iii) the name, address and, where the recipient is a registered vendor, the VAT registration number of the recipient, except where the credit note relates to a supply in respect of which a tax invoice contemplated in section 20(5) was issued;
(iv) the date on which the credit note was issued; (v) either—
(aa) the amount by which the value of the said supply shown on the tax invoice has been reduced and the amount of the excess tax; or
(bb) where the tax charged in respect of the supply is calculated by applying the tax fraction to the consideration, the amount by which the consideration has been reduced and either the amount of the excess tax or a statement that the reduction includes an amount of tax and the rate of the tax included;
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