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.
If your VAT return is a repayable amount, you must have your VAT repayment made directly to an account in a financial institution. However, your repayments may be withheld by the Collector-General if you have outstanding tax returns.
Next: When VAT becomes payable