VAT OBLIGATIONS

The content originally appeared on: The Barnacle News

The Inland Revenue Division of the Ministry of Finance reminds all VAT registered businesses of their obligations under the Value Added Tax (VAT) Act, 2009.

Under this Act, all businesses are expected to keep proper records and issue receipts to customers to whom goods are sold.

Failure to do so will result in penalties being charged as follows;

Failure to issue receipts – $500.Failure to keep proper records – $2,500

Members of the public are asked to report any instances where receipts are not issued, or if there are any discrepancies, by contacting the IRD on 435-6945 or email us at[email protected].

The IRD wishes all taxpayers a wonderful Christmas and looks forward to serving you in the New Year.