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Question Of The Day

Question

How does one register for VAT?

Answer
  • . Registration must be done in TaRMS
  • • Taxpayer profile > Tax Type > New Tax Type - select VAT
  • • Select Local / Export Sales i.e. this is the most common
  • • Effective Date of Registration(The first day of the next month after reaching of threshold)
  • • Select Compulsory Registration (If the threshold has already been met) or Voluntary Registration (If the threshold is yet to be met)
  • • Taxable Turnover (total turnover in USD for the past 12 months)
  • • Put nil i.e. zero (0) on the other fields like exempt turnover, the value of exports or imports, if not applicable
  • • Preferred Tax Period (If classified D) - Select not applicable
  • • Select Assets the company has and put their values.
  • • If it’s Compulsory Registration Input “sales schedule for the past 12 months” in US$ on the system platform.
  • • If it’s Voluntary Registration Input “sales schedule for the next 12 months”in US$ on the system platform
  • • Attach All the above-mentioned documents where the page says “Attach file”

Upon registration, every registered operator will be issued with a certificate of registration and such certificate shall be displayed prominently. This will allow for easy identification of traders registered for VAT.

 

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