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General Discussion
Customs Duty/Taxes on imported goods: Is the cost of shipping taxable ?
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<blockquote data-quote="croak" data-source="post: 1022921" data-attributes="member: 361"><p>If VAT registered you can claim all VAT as input VAT on your return. </p><p></p><p>The reserve bank can ask you to prove goods arrived for the outgoing forex pre payment for the import of goods that you made. </p><p>The proof they accept is the SAD500 customs clearance form. The declared value and related payment need to correlate. ROE fluctuation is taken in to account. </p><p>Probably not an issue for private imports but repeated outgoing foreign payments for commerce can be checked. </p><p></p><p>One can end up in situation where your bank is told by the reserve bank that they may not do more swift transfers until documentary proof of imports is submitted up to date. Again, smaller businesses may never get there either. </p><p></p><p>I believe SARS and reserve bank do run analysis on their bigger forex payers. </p><p></p><p>You have to give your importer code when making payments and it?s trivial to run a report of declared values for a period against an importers code. </p><p>If those 2 numbers drift far out of kilter problems loom. </p></blockquote><p></p>
[QUOTE="croak, post: 1022921, member: 361"] If VAT registered you can claim all VAT as input VAT on your return. The reserve bank can ask you to prove goods arrived for the outgoing forex pre payment for the import of goods that you made. The proof they accept is the SAD500 customs clearance form. The declared value and related payment need to correlate. ROE fluctuation is taken in to account. Probably not an issue for private imports but repeated outgoing foreign payments for commerce can be checked. One can end up in situation where your bank is told by the reserve bank that they may not do more swift transfers until documentary proof of imports is submitted up to date. Again, smaller businesses may never get there either. I believe SARS and reserve bank do run analysis on their bigger forex payers. You have to give your importer code when making payments and it?s trivial to run a report of declared values for a period against an importers code. If those 2 numbers drift far out of kilter problems loom. [/QUOTE]
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General Discussion
Customs Duty/Taxes on imported goods: Is the cost of shipping taxable ?
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