Transcription of Value -Added Tax VAT 404
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Value -Added Tax VAT 404
VAT 404 Guide for Vendors 10 Important principles VAT 404 Guide for Vendors Issue 14 Value -Added Tax VAT 404 Guide for Vendors 10 Important principles i 10 Important principles 1. All prices charged, advertised or quoted by a vendor must include VAT at the applicable rate (currently 15% for standard-rated supplies). 2. Vendors are charged with the responsibility of levying VAT and paying it over to the State after deducting permissible VAT inputs and other deductions please make sure that you pay it over on time, otherwise penalties and interest will be charged. 3. VAT charged on supplies made (output tax) less VAT paid to your suppliers (input tax) and other permissible deductions = the amount of VAT payable/refundable. 4. You need to be in possession of documentary proof prescribed by or which is acceptable to the Commissioner to substantiate any input tax and/or other permissible deductions which you want to make.
4. You need to be in possession of documentary proof prescribed by or which is acceptable to the Commissioner to substantiate any input tax and/or other permissible deductions which you want to make. You must also keep records of all your documentary proof and other records of transactions for at least five years. 5.
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