The South African Revenue Service (SARS) has issued VAT Form 264 in order to assist vendors to comply with the provision of sections 20(8) of the Value-Added Tax Act. 1991.
With effect from 1 May 2004, all vendors claiming an input tax credit in respect of the acquisition of second-hand goods or repossessed goods are required to complete the above-mentioned form and retain such form for the period prescribed in terms of section 55 of the Act.
The VAT 264 form is published on the SARS Website http://www.sars.gov.za and can be accessed under VAT/VAT Forms.
ISSUED BY THE COMMISSIONER FOR THE SOUTH AFRICAN REVENUE SERVICE