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Explore the topic Business tax VAT. Is this page useful? Maybe Yes this page is useful No this page is not useful. Thank you for your feedback. Report a problem with this page. What were you doing? Most businesses must apply within 14 days of meeting these requirements or face penalties.
How do I apply for VAT registration? You can apply online at vat. Yes, you can choose to register voluntarily. You will be required to fulfill all of the obligations of a Mandatory Registrant. Before you are approved, you will have to provide the Controller with the following evidence: A fixed placed where business is conducted. That the business carries on or intends to carry on a taxable activity The ability to keep proper records of accounts; and That you are able and willing to submit regular and reliable VAT returns.
Why should I register if I do not meet the threshold? Although you do not meet the threshold, registering for VAT will place you in the position to legally charge and collect VAT as well as receive refunds on any VAT you may have encountered on the purchases of supplies for your business. I have several companies. Do I have to register all of them? Yes, you must register all the companies separately. For example, a parent company with separate legal entities subsidiaries may be conducting different line of businesses that can be grouped.
What is VAT grouping? VAT grouping is a privilege that must be approved by the Controller that permits a group of related entities companies or partnerships to apply to be treated as a single taxable person for VAT purposes.
All companies must be registered separately before applying for grouping. There are, however, some conditions that must be satisfied in order to be approved and operate as a group. For example, only companies can be grouped and they may not comprise a mix of Freeport licensees and non Freeport licensees, unless they have received or agreed to a similar VAT treatment for all inputs and outputs. What happens if my application is not approved? If your application is not approved, you will get an email notification stating the reason s for such within 21 days of submittal.
An employee or an appointed representative e. Can I cancel or suspend my registration? You can apply to cancel your VAT registration on the following conditions: You have ceased conducting taxable activities.
Your taxable sales activity has fallen below the threshold during the twelve months preceding the request for cancellation; You anticipate that the threshold will not be met in the next twelve months following the request for cancellation; and A minimum of two years has elapsed since the effective date of registration.
Once your request has been submitted, the Controller has 14 days to respond. TIN Certificates maybe be required by persons or businesses that carry out business with The Government. What are my responsibilities as a VAT registrant? All VAT registrants, including voluntary registrants, must display their VAT Certificates prominently, display VAT inclusive prices at the retail level, issue valid invoices and receipts, maintain proper accounts and records, file accurate and timely VAT returns, and remit the net VAT collected output minus input VAT to the government within the stipulated deadlines.
What do I charge VAT on? VAT is charged on all goods and services that are not zero-rated or exempt. Will VAT increase my business costs? Do I include VAT in the displayed prices of goods?
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