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Stay compliant with valuable metals

Domestic Reverse Charges VAT

A new functionality has been added for SMEs in order to comply with domestic reverse charge (DRC) regulations for VAT on valuable metals. This aligns with Sage’s commitment to helping businesses streamline their operations through automation, ensuring seamless adherence to tax regulations and actively combatting widespread VAT fraud and avoidance prevalent in the gold trade.

Adding customers and suppliers

Mark Customers & Suppliers as ‘Subject to DRC VAT’ to enable transacting with the DRC Tax Type. This extra measure will ensure that you are compliant in terms of applying this new VAT type to VAT registered vendors only.

Domestic Reverse Charges VAT Statements

Easily draw Domestic Reverse Charges VAT Statements from the application to issue to your suppliers that reflect all the necessary and important details.

Process your DRC Input VAT Adjustments

Process your DRC Input VAT Adjustments in the application. From start to finish all DRC related transacting and reporting has been fully automated and integrated leaving nothing for you to manually account for.

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Frequently Asked Questions on VAT Domestic Reverse Charge (DRC)

Domestic Reverse Charges (DRC) is a VAT regulation Gazetted on 8 June 2022, for companies that deal with valuable metal. Valuable metal can be classified as any goods containing gold in the form of jewellery, bars, blank coins, ingots, buttons, wire, plate, granules, solution or residue, including related goods and service.

The DRC Regulations are an anti-avoidance measure designed to counter criminal attacks on the VAT system and malpractices identified in the valuable metals industry.

The DRC regulations require VAT registered companies to pay the VAT on their purchases of valuable metal, as defined, from VAT registered companies directly to SARS before claiming it back from SARS.

Within SBCA and Sage 50, we have built in a reporting module that will make it easier for our customers to record and report on this type of VAT within the product. This functionality will assist companies that deal with valuable metals to stay complaint when preparing VAT submissions to SARS.

SBCA and Sage 50 customers that deal with valuable metal as part of their business operations will need to include VAT DRC amount on invoices to suppliers and /or customers and provide reporting on this VAT regulation in the monthly VAT201 return.

At Sage, we strive to empower small businesses to stay compliant. DRC is a VAT Regulation that required companies dealing with valuable metal to record a specific VAT rate. Building DRC into our Accounting products will assist customer with staying compliant with SARS.

The DRC Module is currently live in n SBCA and Sage 50- Please view the video here to see how DRC works within Sage Accounting products. The DRC regulations came into effect on 1 July 2022- customers dealing with valuable metal are required to submit this type of VAT in their monthly VAT201 return to SARS.

"Speedy delivery of financials at the end of the month and automation has made our business more efficient."

Hebert Banhire
Director, Banhire Consulting Ltd

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