South African businesses can now achieve VAT compliance by sending and receiving transactions with tax rates adhering to SARS from within Zoho Books.
Simplify VAT filing by generating VAT 201 reports in Zoho Books. This helps in tracking tax payments, staying on top of due dates, and ensuring that the organization's VAT returns are accurate and submitted on time.
Create items mapped with standard tax rates to automatically populate the sales tax and purchase tax rates while creating a transaction. You can also classify them as capital asset items if applicable.
Update VAT treatments to categorize contacts as VAT registered, non-VAT registered, or overseas to streamline billing.
Accountants can record VAT payments with details such as the payment date, amount, and penalties.
Zoho Books allows you to maintain records of VAT transactions made, including corrections, and lets you audit them for specific periods.
VAT is an abbreviation for Value-Added Tax, collected by businesses in South Africa for the goods and services provided to the end consumer
What is VAT in South Africa? VAT, abbreviated as the Value Added Tax, is an indirect tax added when the end consumer purchases goods or services.
Zoho Finance Suite has been serving businesses in South Africa through its Global edition for many years.