South Africa Tax - Domestic Reverse Charge Vat SA
Domestic Reverse Charge vat has been introduced in South Africa for precious metal supplies and allied products. Please could this feature be added to the SA Xero?
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Alan Shenton commented
Hi, DRC VAT calculations are causing huge issues for us and reporting thereof to SARS. It is still not available as a feature in Tax Rates like it is for the UK Xero setup. It's very simple, we are only talking about 15% on income / expenses correctly applied to Field 12 in the VAT 201 table so that we can submit directly to SARS without manual journals and excel spreadsheets.
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Werner Wepener commented
Similar to the Reverse Charge mechanism in the UK, South Africa introduced the same for dealers in precious metals. With current functionality, the reporting is extremely time consuming, where I would expect Xero should be able to quickly validate and potentially duplicate the UK method.
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Karen Awadalla commented
This is important.
Domestic Reverse Charge Vat has been introduced in South Africa for precious metal supplies and allied products. Please could this feature be added to the SA Xero?
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Leandrie Botha commented
Domestic Reverse Charge Vat has been introduced in South Africa for precious metal supplies and allied products. Please could this feature be added to the SA Xero? Invoices since 1 July 2022 must show this specific layout