How to account for VAT


This section outlines:

  • when Value-Added Tax (VAT) becomes payable
  • how to complete a VAT 3 return
  • how VAT is repaid.

You must file and pay VAT by the 19th day of the month following the end of each period. This should be a true and correct return furnished to the Collector-General through Revenue Online Service (ROS).

The VAT3 return records the VAT payable, or reclaimable, by you in your taxable period.

VAT repayments are made directly to an account in a financial institution. However, the Collector-General may withhold your repayments if you have outstanding tax returns.

Next: When VAT becomes payable