Dear BitCo Customers,
The National Treasury has announced an increase in VAT from 14% to 15%, effective 1 April 2018. The amended VAT rate of 15% will apply to all services that attract VAT from 1 April 2018 and your invoices will increase accordingly. The following points apply:
- All invoices raised prior to 1 April 2018 will be billed at the previous VAT rate of 14%
- Invoices billed on or after 1 April 2018 will be billed at the new VAT rate of 15%
- Should a credit note be passed for an invoice prior to 1 April 2018, the credit will be at the previous VAT rate of 14%. If a credit note is re-invoiced before 1 April 2018, the applicable VAT rate will be 14%. If the credit note is re-invoiced after 1 April 2018, it will be invoiced at the new rate of 15%
Please contact us regarding billing cycles changes that will accommodate the VAT rate changes.