2015
Electronic VAT Invoices: Are you in breach of SARS’s rules?
admin-attorneys / 0 Comments /Recent queries regard the use and dissemination of VAT Invoices has prompted Lee’s Compliance to place on record what the legal requirements vis a vis electronic invoices are.
IN A NUT SHELL
⇒SARS does recognise and allows a vendor to issue electronic tax invoices, debit notes and credit notes.
The information which has to be printed on hard copy invoices must also appear on electronic invoices, being
- the heading – VAT INVOICE
- the name,address and VAT registration number of the seller,
- the name and address of the purchaser,
- a serialised invoice number,being the invoice reference number
- the date of supply of goods or services reflected under the invoice,
- the words “tax invoice”,
- a proper description of the goods or services supplied,
- the date of issue,
- the volume or mass of the goods,
- the consideration for the supply and the VAT charged or a statement that VAT is included in the price charged and the rate of VAT charged.
Your clients or recipients must confirm in writing that they’re willing to receive electronic tax invoices from you. You must keep this written confirmation on record for five years /and seven years where you are a Company.
Your electronic tax invoices must be issued with encrypted 128-bit encryption technology (which means in simple terms a pdf. document), which will make it impossible for the receiver to tamper with it or alter it in any way.
All electronic invoices must be kept in a readable and encrypted form for five years /or seven years if you are a Company from the date of the supply.
FACTS SUPPORTING THE ABOVE
The above is based on the details set out in the attached document.
