Press Release: April 17, 2020
Accounting for VAT registration on a cash basis are applicable only for those whose annual business gross income does not exceed a public authority, local authority or a non-profit body. There are 4 categories for lodgment of VAT registration returns under the respective taxable periods. They are monthly returns; 3-month returns; 12 month returns for produce suppliers primarily engaged and 12 month returns for small and medium businesses with an annual gross turnover. A business person may request in writing to the CEO if the annual gross sales do not exceeded the required amount. However, we would need to notify FRCA to be changed to a monthly basis once the annual gross sales exceed this amount.
Will Muthirai give advice on whether to register for VAT and assist in the completion and what happens if a business person wants to deregister from VAT?
Definitely we will assist and advise taxpayers on any issues from VAT registration and all its procedure. We facilitate to improve voluntary compliance for taxpayers. Our customer enquiry centers are there to assist all taxpayers. Our customer enquiry centers are experienced staff in all tax types. We’ll not fill in the VAT returns for you but will assist you in completing it. To degister from VAT a registered person will need to write a request for deregistration. A deregistration audit will be conducted to determine whether the person is qualified for deregistration. For deregistration all the business assets and stock will be valued. Once the audit is completed and the tax arrears is cleared, the person will be notified in deregistration. During this process, you will still be required to lodge your VAT returns until you receive a confirmation on deregistration.