29 July 2022
The commencement date of the DRC Regulations was 1 July 2022.
How do the transitional measures work?
A transition period of one month from 1 July 2022 was allowed for affected vendors to ensure that they make the necessary adjustments to invoicing, accounting systems and other requirements under the DRC Regulations. Considering the invoicing and system practicalities and the circumstances prevailing, the DRC Regulations will apply to all valuable metal supplies from 1 August 2022. All affected vendors are required to have their systems updated during the transition period provided.
If you want to find out more about the VAT regulations on Domestic Reverse Charge relating to valuable metal, you can read about it here.
Email enquiries and questions to Technical@Saiba.Org.Za for further assistance.