PHOTO
With effect from July 1, the Tax Authority began receiving the first set of VAT returns via the authority’s electronic website for a period of 30 days.
The quarterly tax return for VAT registrants covers the added value of imports, accruals, deductibles, due tax and refundable tax credits.
The authority pointed out that, over the past period, it published an advisory guide through which it explained the mechanism of presenting tax returns for VAT registrants, as well as terms for tax refund, rectification of submitted tax returns and ways of maintaining tax registers and bills.
The Tax Authority underscored the significance of taxpayers presenting their disclosures in time to avoid penalties stated in the VAT Law - Article (101) - which penalises any person who fails to submit tax returns, presents false data or commits any other violation stated in the law. The penalty includes imprisonment for three months to one year and/or a fine of RO5,000 to RO20,000.
With effect from July 1, the Tax Authority started receiving registrations from merchants and service providers committed to paying VAT from among those whose baseline annual imports or expected imports range between RO250,000 and RO499,999.
The Tax Authority affirmed that it will begin imposing compulsory registration for those whose annual imports or expected imports reach a minimum of RO38,500 next December. Those whose annual or expected imports range between RO19,250 and RO38,499 can choose optional VAT registration.
© Apex Press and Publishing Provided by SyndiGate Media Inc. (Syndigate.info).
