n Professional Accountant - Bad debt and VAT : CPD points - 30 min

Volume 2008 Number 1
  • ISSN : 1680-7537


The majority of Vat vendors are registered on an invoice basis, meaning that a vendor's liability to recognise and pay the output tax of supplies is triggered by payment or issue of invoice, whichever is the earlier. However, not all debtors pay their accounts. Liquidations and bad debt has become a regular risk in all businesses. The invoice base of accounting means that the vendor pays the Vat (output tax) to SARS as soon as invoice is issued.

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