If you want to get your Vat refund from SARS on time, take note of your duties once you’ve submitted it

43984, 02 Dec. 2014

Tags: sars, vat refunds, vat return

Good news! When your input tax exceeds your output tax, SARS owes you a Vat refund.
To claim your Vat refund, you must
  • Calculate your Vat; and then
  • Submit your Vat return to SARS via eFiling.
The amazing thing about a Vat refund is it can help you ease cash flows in your business.
So there’s no question that you want to get it as soon as possible.
To make this happen, don’t just sit back after filing your return. You have to comply with certain duties.
Read on to find out what your duties are so you can get your Vat refund from SARS on time.
Revealed: You have four duties once youve submitted your Vat return to SARS
#1: You must keep all relevant tax invoices and other documents on hand in case SARS contacts you for an audit.
You see, once you’ve submitted your Vat refund, SARS captures it on its system. It then screens the refund to decide whether or not to conduct an audit.
If it decides to conduct an audit, you’ll get a “Vat review letter” in your email inbox and on your eFiling. Or the SARS auditor will get in touch with you to make arrangements to conduct the audit.
Be ready for anything so there won’t be any delays.
#2: Make sure all your other taxes are up to date and you owe SARS nothing.
If you owe SARS money, the taxman will use your Vat refund to settle the other taxes, penalties and interest.
#3: Count the days SARS has to pay your Vat refund.
If you’re due a Vat refund, you must get payment within 21 business days – this includes SARS’ audit time. So start counting from the day you submit your Vat return.
In addition, make sure you’re available for SARS within those 21 business days. If you aren’t, it’ll take longer to get your refund.
#4: Check your bank statement or your eFiling work page.
When the 21 business days are up, check your bank statement or your eFiling work page. If SARS hasn’t paid your refund over yet, insist that it pays you interest on it.
Is there anything else you can do to speed up the Vat refund process?
You need to make sure SARS has your full and correct bank details. This will help it facilitate smooth and uninterrupted refunds.
Remember, SARS won’t pay interest on late refunds if the refund is late because you didn’t submit correct bank details.
If you want to get your Vat refund from SARS on time, stick to your duties.

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