Once registered under VAT, businesses will be required to file periodic statutory declarations. VAT returns will need to be filed, which summarize all the taxable transactions that the business has made in that specific period”.
“The information required will need to be completed accurately. Businesses must declare the VAT that has been charged on sales (output VAT) and can claim back the VAT that has been paid (input VAT), subject to your taxable activity”.
“Depending on transactions types and values, business may have to pay the VAT surplus to the tax authorities, or will be eligible to make a claim for a refund”.
HOW EARNINGO WILL HELP YOU:
- Completing VAT returns
- Accounting review for VAT
- Liaising with the tax authorities for VAT related queries and VAT audits