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VAT Advice and Consultancy Services

What is VAT?

VAT stands for Value Added Tax. It is a consumption tax charged on ratable product, services unmovable property of any economic activity whenever price is additional at every stage of production and at the ultimate stage of sale. VAT is charged on each domestically created product and services and on imports. Value Added Tax is charged by persons registered for VAT solely.

What is the scope of VAT?

The VAT shall be charged on any supply of products, services and unmovable property of any economic activity wherever it's a ratable provide created by a ratable person within the course of economic activity carried by him. The importation of ratable supply from anyplace will be charged VAT and traditional Customs Laws and procedures shall apply. All provide consumed or enjoyed outside shall be zero-rated upon proof. VAT is guilty on the ratable provides of products and services. The rates are 18% for standard rated provides, and 0% for exports of products and services

How ought to I register for VAT?

Registration for VAT is obligatory to each person upon attaining the registration threshold of one hundred million within the amount of twelve months and on top of or fifty million in amount of six months ending at the top of the previous months. This condition applies to all or any forms of registration apart from skilled service suppliers.

Registration Method

Application for VAT registration is done on-line or by filling form ITX245.02.E Application for Registration for VAT.

VAT Registration Certificate

Upon registration, a remunerator shall be issued with a Certificate of Registration stating the name and principal place of business of the ratable person, the date on that the registration takes result and his identification number and his VAT license number. A person shall show his Taxpayer number and his VAT license number in any come, notice of charm or different documents used for official VAT functions and show his certificate of registration during a noticeable position at his principal place of business.