Definition
The value-added tax levied by SARS on imported goods, calculated on the customs value plus a 10 percent uplift plus any duty payable, at the standard VAT rate. Registered VAT vendors can generally claim this import VAT as input tax. It is collected at the time of clearance, often through the importer's or agent's deferment account.
Frequently asked questions
What is Customs VAT (Import VAT)?
The value-added tax levied by SARS on imported goods, calculated on the customs value plus a 10 percent uplift plus any duty payable, at the standard VAT rate. Registered VAT vendors can generally claim this import VAT as input tax. It is collected at the time of clearance, often through the importer's or agent's deferment account.
Which glossary terms are related to Customs VAT (Import VAT)?
Customs VAT (Import VAT) is a customs & sars term in the South African import/export industry. Related terms in the same area include 70707070 (Customs Code), Ad Valorem Duty, AEO (Authorised Economic Operator), Anti-Dumping Duty, B-BBEE (Broad-Based Black Economic Empowerment) — each has its own plain-English definition in the TradeCaravan glossary.