A VAT report (Value-Added Tax report) is a document that summarizes all the VAT a business has collected on sales and paid on purchases over a specific period (monthly, quarterly, or yearly), so it can calculate how much VAT is owed to — or refundable from — SARS

What it usually contains:

Output VAT (Sales VAT)

VAT charged on goods or services sold to customers.

Input VAT (Purchase VAT)

VAT paid on business-related purchases and expenses.

Net VAT Payable or Refundable

If Output VAT > Input VAT → The business owes the difference to the tax authority.

If Input VAT > Output VAT → The business can claim a refund or carry forward the balance.

Transaction Details

Invoices issued and received.

Dates and amounts of taxable supplies.

VAT rates applied (standard, zero-rated, exempt, etc.).

Purpose:

To ensure compliance with tax regulations.

To provide transparency for audits.

To help the business track its tax position.