Get Value Added Tax Remittance Form & Return

Completing the Value Added Tax Remittance Form & Return is an essential process for ensuring compliance with tax obligations. This guide provides step-by-step instructions for effectively filling out the form online.

Follow the steps to complete your tax remittance form accurately.

1. Click ‘Get Form’ button to obtain the form and open it in the editor.
2. Enter your V.A.T. taxpayer account number in the designated field. This number identifies your account with the Inland Revenue Department.
3. Specify the tax period in the corresponding field. This indicates the period for which you are reporting your VAT.
4. Fill in the due date for your return submission, ensuring that it aligns with the deadlines set by the Inland Revenue Department.
5. Complete the assessment period date. This is the date range for which your VAT calculations apply.
6. In the computation of output tax section, provide details for each category of supplies: standard rated, goods and services by hotels, zero-rated, and exempt supplies.
7. Calculate the total supplies by adding the amounts from lines 1 to 4.
8. Determine the VAT payable on standard rated supplies and goods/services provided by hotels as specified in lines 6 and 7.
9. Include any VAT adjustments you need to declare in line 8.
10. Add lines 6 to 8 to find the total output tax and enter it in line 9.
11. Complete the computation of input tax deductions by providing the value of imports and domestic purchases on which VAT was paid.
12. Calculate the VAT paid on imports and enter it in line 12.
13. Record the VAT paid on domestic taxable supplies in lines 13a and 13b based on the rates applicable.
14. Make any necessary VAT adjustments in line 14.
15. Next, determine the total input tax by adding the amounts from lines 12 to 14.
16. Calculate tax payable by subtracting the total input tax from the total output tax, and enter this in line 17.
17. If submitting late, calculate and enter any penalties and interest due in line 18.
18. Sum lines 17, 18, and any other relevant amounts for your total due in line 20.
19. Indicate the amount paid on filing in line 21, if applicable.
20. Determine and enter any excess input tax in line 22 if applicable.
21. Finally, review all information for accuracy and completeness before signing the declaration section with your name and date.
22. Once you have completed the form, save your changes, download a copy for your records, and print or share the form as necessary.

Complete your VALUE ADDED TAX REMITTANCE FORM & RETURN online today to ensure your compliance and avoid penalties.