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.
VAT repayments are made directly to an account in a financial institution. However, the Collector-General may withold your repayments if you have outstanding tax returns.
Next: When VAT becomes payable