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Friday, 18 February 2011

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VAT input claim

In accordance with budget proposals 2011 announced on November 22, 2010, VAT input claim outstanding as at December 31, 2010 would be allowed as revenue expenditure in four equal annual installments which would be set off in four years of assessments commencing 2010/2011, subject to the provisions specified in Section 25 and 26 of the Inland Revenue Act, i.e. No refund was allowed.

Since companies were going to lose in millions, due to no fault of theirs we had made representations to the Finance and Planning Ministry for necessary amendments. Further this matter was brought to the attention of the President.

By press notification dated December 12,2010 it was announced that installments @ 10 percent (maximum) of the VAT input outstanding as at December 31, 2010 would be allowed as deductions against vat liability per taxable period which was increased from one to three months effective January 1, 2011. As it would take 30 months minimum to recoup this balance representations were made again as before.

I am pleased to observe that by press notification dated February 11, 2011, 10 percent (maximum) deduction would be allowed every month, equivalent to 30 percent per quarter so that the balance outstanding could be re-couped in ten months (minimum). We sincerely thank the President for the swift action taken thereby saving millions for our tax payers (VAT). I also thank the press for the co-operation extended to us.

I suggest tax payers (VAT)obtain clarification from the Inland Revenue Department direct and act accordingly.

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