New VAT system for imports

New VAT system for imports

MASERU-THE Lesotho Revenue Authority (LRA) has introduced a new system to cater for direct imports from South Africa.

The Import VAT Credit Facility, which became effective last Sunday, was introduced in response to problems faced by small to medium VAT vendor importers.
It comes after the recently signed VAT Refund Memorandum of Understanding (MOU) between the South African Revenue Service (SARS) and LRA.

In a statement issued on Tuesday, the LRA says with this facility, VAT registered commercial importers who buy goods on credit for tax invoices in excess of M10 000 from South Africa and make indirect imports into Lesotho can have their import VAT payment deferred at the time of importation.

“This is to allow them time to settle their credit invoices with their suppliers and obtain proof of such payment,” the statement reads.
“With proof of payment obtained, they can then submit their valid tax invoices and the normal declaration package at the ports of entry where the import transaction was made,” it reads.

The LRA says the facility is available only to VAT registered commercial importers who would have applied and whose applications have been approved.
Qualifying interested importers can obtain application forms from the commercial ports of entry, service centres (Leribe, Maseru Headquarters, and Mohale’s Hoek).

Completed application forms should be returned to the same offices.

Staff Reporter

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