More than 1,000 tax leaders from around the world recently discussed tax and Vat compliance issues. The results of a poll from the conference have just been released, and they show that Vat compliance will be a huge focus for 2013. There's now an easy way to ensure your Vat compliance if you submit Vat return to SARS through its eFiling system. Use our five steps to check the status of your Vat refund and whether SARS needs any further information from you to prove your Vat compliance.
The results of a recent Thomson Reuters poll that took place at last year's SYNERGY Conference have just been released. The results shows findings from more than 1,000 tax leaders from Global 2000 firms, according to the Thomson Reuters website .
The poll reported that approximately one-third of organisations have ensured Vat compliance .
Moving forward, tax executives expect continued and increased focus on Vat compliance ,adds the CPA Practice Advisor website.
In South Africa, it's now easy to check if SARS sees you as Vat compliant .
The easiest way to check your Vat compliance is through the Vat refund dashboard on SARS' eFiling!
You can check the status of your Vat refunds online with its Vat refund dashboard on eFiling once you've filed them.
This will show you if SARS needs any more information from you to process any Vat refund due to you.
Remember that SARS must give you your refund within 21 business days or it has to pay you interest.
Here's how to check the progress of your Vat refund through
the SARS eFiling Vat refund dashboard. as suggested by the Vat Matters Bulletin .
Once you've submitted a Vat return through eFiling, you can access the Vat refund dashboard in five simple steps:
1. Log onto the e-Filing Vat section;
2. Click on 'returns' in the top menu;
3. On the left-hand side, select 'Vat Maintenance' and then 'refund dashboard';
4. The 'refund dashboard' page will display your registration details and a tax period search function, starting at March 2011; and
5. Once you select a tax period, you'll see, in a table format;
- The tax period;
- Amount of the refund as per the Vat return;
- A description of any issue affecting the refund;
- A colour-coded indicator that, at a glance, tells you about your refund status:
- Red – you need to take action, e.g. submit documents;
- Amber – SARS is in the process of completing their audit; or
- Green – nothing needed or any issues resolved. The cheque is in the mail!
So, if you've submitted a Vat return to SARS through eFiling. don't forget to check the status of your Vat refund online!
For a detailed explanation on Vat refunds. get your hands on our FSP Business Practical Vat Loose Leaf. In it you'll discover
- 4 Rules about Vat refunds
- Claim your Vat refund in 2 easy steps
- 2 Circumstances where you won't get your refund
- Checklist: The 10-point refund plan