|
22.
Calculation of VAT Payable on sales of goods predominantly to non-VAT dealers
and consumers.
1)
A VAT dealer selling goods liable to VAT shall maintain the records and
calculate VAT payable in the following manner namely:-
a)
a separate record of all goods received, which are exempt or liable to VAT at
any rate other than the standard rate;
b)
in the case of sales predominantly to non-VAT dealers and consumers, a daily
record of the gross receipts of goods taxable at each tax rate and the value of
exempt goods sold.
c)
the VAT due for payment shall be calculated by applying the tax fraction to the
aggregate of daily gross receipts for the month at each tax rate. The
total value of taxable sales for each tax rate shall be calculated by deducting
the tax from the aggregate of daily gross receipts for each month.
d) copies of any tax invoices issued to VAT dealers.
|