By Neo Kolane
The Lesotho Revenue Authority (LRA) has augmented the IVCF (Import VAT Credit Facility) to cater for indirect imports from South Africa by VAT vendors.
A statement issued by LRA on Tuesday says this new solution was deployed on July 12, and it is introduced in response to challenges faced by small to medium VAT vendor importers as a result of changes brought about by the recently signed VAT Refund MOU between SARS and LRA.
“With this facility, VAT registered commercial importers who purchase goods on credit for tax invoices in excess of M10, 000 from South Africa and make indirect import into Lesotho can have their import VAT payment deferred at the time of importation.
“This is to allow them time to settle their credit invoices with their suppliers and obtain proof of such payment. With proof of payment obtained, they can then submit their valid tax invoices and the normal declaration package at the ports of entry where the import transaction was made.
“This facility is available only to VAT Registered commercial importers who would have applied and whose applications have been approved,” the statement said.
Qualifying interested importers can obtain application forms from the following LRA offices; Commercial Ports of entry, Service Centres (Leribe, Maseru HQ, and Mohale’s Hoek). Completed application forms should be returned to the same offices.
