Monday, October 15, 2012 – Efforts are afoot to maximum efficiency and compliance under the Value Added Tax (VAT) system.
Commencing Thursday, October 18th until Tuesday, October 30th, 2012, the Ministry of Commerce, Business Development, Investment and Consumer Affairs will host a series of workshops to ensure that all retailers and wholesalers of price controlled goods fully understand the necessary procedures and requirements under the VAT system.
The one-day workshops are part of the ongoing VAT consultations.
Assistant Comptroller at the Inland Revenue Department Marcia Vite says the VAT Unit also conducts compliance visits at VAT-registered businesses around the island.
“We have visited well over 300 businesses, and throughout our visits, we have noted a few issues of non-compliance, including inconsistencies with invoices, improper display of VAT certificates, none-issuing of receipts, non-display of prices, and some labelling issues. However once we have noted these discrepancies and speak to the business owners we notice that corrective action is being made with some urgency.”
The Assistant Comptroller says consumers have been very helpful in identifying instances of discrepancies. She says the Inland Revenue Department welcomes such interventions.
“Our consumers have been very vigilant and have contacted us if they notice any errors or believe any of the business transactions have been incorrect, and we appreciate these contacts and urge the citizens to continue speaking to us. Our offices are open from 8 am until 4:30 pm. We are the authority on VAT so people should feel free to come in and speak to us.”
The Assistant Comptroller says the work of the VAT Unit of the Inland Review Department will continue to monitor and consult with stakeholders to address any concerns which may arise.