A business is required to register for VAT if its total taxable supplies (turnover) exceed R1 million in any consecutive 12-month period or will exceed this amount in the next 12-month period. A business may also voluntarily register if the value of taxable supplies exceed R50,000 per year or if they provide commercial accommodation and the threshold of R120,000 is met. The standard VAT rate is currently 15%, but some goods and services are subject to a zero rate (such as exports and certain basic food stuffs), and some goods and services are exempt from VAT.