- Published: Tuesday, 03 March 2015 08:16
The VAT Office as from 1st January 2015 implemented its modernized Return and Debt Collection Plan and Process which encourages balanced and differentiated approaches to collecting VAT debts and returns. The plan demanded the establishment of a recovery team that only focused on the VAT outstanding. Accordingly a new Return and Debt Collection Team and a Customer Service &Processing Team were introduced on 1st January 2015 that now operates under the Compliance and Revenue Section within the VAT Office.
The Return and Debt Collection team will solely focus on outstanding VAT returns and debts and will aim to prevent registered persons going into debts and also making people aware of their repayment options and supports rendered at Office. At the operational level the Return and Debt Collection Team will operate in segments meaning that there will be debt Officers looking after Very Larger & Large Segment, Medium Segment and Small & Micro Segment which is designed to allow the VAT Office to take appropriate actions against persistent non-compilers.
Registered persons are reminder that in all cases an additional tax of 10% of the outstanding tax is charged on the day following the due date for payment and an additional 2% of the total outstanding is then charged for each complete month that the tax remains outstanding.