Friday, January 21, 2011

WHEN I REGISTER FOR VAT CAN I CLAIM A CREDIT FOR VAT I HAVE PAID ON MY GOODS IN STOCK AT THE TIME OF REGISTRATION ?

Yes. However to obtain this credit you must comply with the following conditions:
   
The goods, including capital goods must be on hand on the date of effective registration notified on your VAT Certificate of Registration.
   
The goods must have been purchased within the three months preceding the date of effective registration.
   
The goods must have been purchased from a VAT dealer and you must have an invoice (not a tax invoice) from a VAT dealer with his TIN on the invoice.
    You must take inventory within 7 days of the date of effective registration.

YOU CANNOT CLAIM A CREDIT FOR TOT OR CST INCURRED BEFORE VAT REGISTRATION.

0 comments:

Post a Comment

Copyright © 2015 Accounting & Taxation All Right Reserved
Subscribe by Email Get Free Updates
Don't Forget To Join US Our Community
×
blogger