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Commercial Invoice And Tax Invoice

Commercial Invoice And Tax Invoice Template for South Africa

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Key Requirements PROMPT example:

Commercial Invoice And Tax Invoice

"I need a Commercial Invoice And Tax Invoice for my manufacturing company based in Johannesburg, supplying industrial equipment to a local business, with standard 15% VAT rate and 30-day payment terms, to be issued in March 2025."

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Document background
The Commercial Invoice And Tax Invoice is a fundamental business document required for commercial transactions in South Africa. It serves dual purposes: as a commercial document recording business transactions and as a tax document complying with South African Revenue Service (SARS) requirements. This document is mandatory for VAT-registered businesses and must include specific information as prescribed by the Value-Added Tax Act 89 of 1991. It's used to claim input VAT, validate business expenses, and maintain proper financial records. The document must contain prescribed elements such as VAT registration numbers, tax amounts, and supplier details, making it legally compliant for both domestic and international trade. It's particularly important for audit trails, tax returns, and maintaining accurate business records in accordance with South African tax legislation.
Suggested Sections

1. Invoice Header: Contains the document title ('Tax Invoice'), invoice number, and date of issue

2. Supplier Details: Full registered name, trading name if applicable, physical business address, VAT registration number, and contact information

3. Customer Details: Client's full registered name, physical address, VAT registration number (if registered)

4. Supply Details: Description of goods/services supplied, quantity, unit price excluding VAT, and date of supply

5. Calculation Section: Subtotal before VAT, VAT amount (with rate specified), and total amount payable

6. Payment Information: Banking details, payment terms, and due date

7. Legal Notice: Standard statement confirming this is a valid tax invoice as per VAT Act

Optional Sections

1. Purchase Order Reference: Include when customer has provided a PO number or reference

2. Delivery Details: Required when delivery address differs from customer address

3. Foreign Currency Details: Include for international transactions, showing exchange rate and equivalent ZAR amount

4. Trade Discount: When applicable, showing any discounts applied to the transaction

5. Zero-Rating Declaration: Required for zero-rated supplies under VAT Act

6. Export Documentation: Required for export sales, including export permit numbers and customs references

Suggested Schedules

1. Detailed Item Breakdown: When multiple items are being invoiced, providing detailed specifications and individual costs

2. Time Sheet: For service-based invoices where time-based billing is used

3. Delivery Note: Proof of delivery documentation when physical goods are supplied

4. Exchange Rate Calculation: For foreign currency transactions, showing detailed currency conversion calculations

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Retail

Manufacturing

Wholesale

Professional Services

Construction

Information Technology

Agriculture

Mining

Healthcare

Education

Transport and Logistics

Financial Services

Real Estate

Hospitality

Energy

Relevant Teams

Finance

Accounting

Accounts Receivable

Accounts Payable

Tax

Operations

Sales

Procurement

Compliance

Treasury

Relevant Roles

Financial Controller

Accountant

Accounts Receivable Clerk

Accounts Payable Clerk

Tax Manager

Finance Manager

Bookkeeper

Financial Director

Operations Manager

Business Owner

Sales Manager

Procurement Officer

Credit Controller

Compliance Officer

Chief Financial Officer

Industries
Value-Added Tax Act 89 of 1991: Sets out the requirements for valid tax invoices, including mandatory information such as VAT numbers, tax amounts, and supplier details. Section 20 specifically deals with tax invoice requirements.
Income Tax Act 58 of 1962: Governs the tax implications of commercial transactions and requirements for record-keeping of business documents including invoices.
Consumer Protection Act 68 of 2008: Establishes requirements for price disclosure, description of goods/services, and consumer rights that may need to be reflected in commercial documentation.
Electronic Communications and Transactions Act 25 of 2002: Provides legal framework for electronic transactions and documents, including requirements for valid electronic invoices.
Companies Act 71 of 2008: Sets out requirements for business documentation and record-keeping, including requirements for commercial documents issued by companies.
South African Revenue Service Act 34 of 1997: Provides framework for tax administration and compliance requirements for business documentation.
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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