Domestic Pre-delivery Policy Administration Guide - Declarations What declarations must I submit in terms of the policy? Why does Credit Guarantee require these declarations? When must I submit declarations? Must I submit a return even if there are no insured balances outstanding at the end of each month? What happens if I don't submit declarations? What information should this declaration contain? Must I deduct VAT from my monthly declaration? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . What declarations must I submit in terms of the policy? A monthly declaration of turnover.  Click here to view the form (Sample) Why does Credit Guarantee require these declarations? The premium payable is charged on the total of the outstanding insured balances declared / turnover. When must I submit declarations? Each declaration must be submitted before the 21st of the month. Must I submit a return even if there are no insured balances outstanding at the end of each month? Yes, a "nil" declaration must be submitted, otherwise our records will reflect that your declaration for that particular month is still outstanding. What happens if I don't submit declarations? Declarations form the basis of your premium calculation. If the declarations are not submitted, we are unable to charge the premium and your rights under the policy will be severely prejudiced. What information should this declaration contain? The declaration forms (see link above) related to the total of all outstandings per your schedule of debtors on your last accounting day of the month, less: Those buyers not insurable as per definition 2, i e government buyers, local authorities, associated and subsidiary companies and any buyer specifically excluded from the cover of the policy by endorsement or in terms of the schedule to the policy. Any amounts owing where a "nil" credit limit has been issued on a particular insured buyer. Any amount owing which is in excess of the credit limit approved. Any portion of the amount owing which is three months or more overdue. Any amount owing which does not exceed the franchise loss, if applicable to your policy. Any amount owing which represents overdue interest. Must I deduct VAT from my monthly declaration? Yes, as VAT is not covered in terms of your policy.
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