Inland Revenue reminds promoters of their VAT obligations this Carnival season

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Inland Revenue reminds promoters of their VAT obligations this Carnival season

As the Carnival season approaches, the Inland Revenue Department has reminded promoters of public entertainment of their obligations according to VAT Act No.7 of 2012:.

The registration threshold for promoters of public entertainment is $180,000. Promoters of public entertainment are required to apply for registration at least five working days before the public entertainment starts.

Promoters of public entertainment can register voluntarily, even if they do not reach the threshold, subject to the discretion of the comptroller of Inland Revenue Department.

Promoters may be required to provide security specified by the comptroller for the payment of tax within a specified time that is payable or may become payable by virtue of the event.

The promoter of public entertainment may not be permitted to host the event unless such security has been paid and written approval has been issued by the comptroller.

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