Mining News

Treasury gazettes new VAT regulations for valuable metal vendors

The National Treasury this week gazetted the Regulations on Domestic Reverse Charge Relating to Valuable Metal, which is meant to serve as an anti-abuse measure aimed at foreclosing schemes and malpractices to claim undue value-added tax (VAT) refunds from the South African Revenue Service (Sars) by vendors operating in the value chain relating to high-risk goods containing gold. This includes gold bars, gold granules, gold doré and gold jewellery, the regulations state.

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