SU is registered for VAT and should, therefore, comply with the VAT Act (Act 89 of 1991). The VAT implications should be considered during the project proposal phase in order to incorporate these in the budget as well as in the contract amount.
The Financial Policy (section 3.1) provides the financial guidelines (as specified by the Act) that are applicable when SU wants to institute a claim for VAT, the method used to determine a cost centre's VAT claim percentage and for the issuing of invoices.
- 5598: Foreign income for delivery of goods and services, as well as grant and research income.
- 5592: Foreign income exempt for non-taxable supplies
- 5373: Donations: Please contact Development and Alumni Relations.
**International funding is exempt from VAT
- 5413: Commissioned research - funds received for contract research
- 5597: Funds obtained for services rendered, goods, supplies, research and any other taxable supplies (excluding NRF, WRC, other statutory councils and income that belongs specifically to one of the mentioned income accounts)
- 5267: Funds received from the Department of Water Affairs and Forestry
- 5270: Funds received from DST
- 5307: Funds received from the Water Research Commission
- 5388: Income received towards sponsorships
- 5387: Income received towards bursaries
- 5777: Income received towards education seminars, congresses and courses
- 5596: Protein Research Foundation (contact Financial Services to link income account)
- 5284: NRF Income bursaries
- 5285: NRF Income
- 5373: Donations - please contact Development and Alumni Relations
*** No invoice may be captured against income account 5596 without prior permission from Financial Services