Page 12 - Chapter 32 VAT Part 1
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3.5. Refunds (s 44 VAT-Act & Chpt 13 Admin Act) (≠ syllabus)
- If input > output, SARS must refund the TP the excess VAT.
- Till when can TP claim input? SARS vs self assessment.
- When payable?
• Within 21 business days after receipt of the VAT return
• if SARS is in the possession of the TP‟s banking particulars.
- What if SARS fails to make refund in time?
• Interest at the prescribed interest rate.
• Adjustments against outstanding balances?
