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{
    "id": 738724,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/738724/?format=api",
    "text_counter": 314,
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    "content": "paragraph (b) and substituting therefor the words ―by the twentieth of the month following that in which the deduction was made‖. (c) by inserting the following new subsection immediately after the proposed subsection (4C) ―(4D) A person who commits an offence under subsection (4C) is liable on conviction to a penalty of ten per cent of the amount involved‖. Hon. Temporary Deputy Chairman, this deals with withheld VAT. The current law says that those who are withholding VAT must pay that money within fourteen days of that withholding. However, after consulting with stakeholders in the private sector and the National Treasury, we agreed that all the withheld VAT should be paid by the 20th day of the next month, just like the other normal VAT payments so that it becomes easier for VAT to be administered by the people withholding the money. Under the current law, if it was 1st of May and you withheld some money, you would be expected to pay by the 14th. If you withheld another one on the 10th you would be expected to pay by the 24th. It is cumbersome. Through this amendment, we are making it convenient for people who withhold VAT by fixing the date at the 20th day of the next month after the withholding."
}