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10 cards from this deck
Tax charged on goods & services when sold
14%
Annual turnover exceeds R1-million
VAT paid on business purchases; can be claimed back from SARS
VAT collected from customers; must be paid to SARS
Items charged at 0% VAT (rate can change)
Items completely excluded from VAT system
Fresh fruits, brown bread, milk, maize, rice, cooking oil
Interest charges, export services, educational services
Businesses with turnover below R1-million
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