- Published: Wednesday, 30 November 2016 08:54
Inland Revenue would like to advise all VAT registered persons that when issuing tax invoices to use (vatu) currency only.
Section 2 of the VAT Act No. 12 of 1998 [CAP 247] states;
For the purposes of this Act, all amounts of money are to be expressed in terms of Vanuatu currency, and if any such amount is consideration in money for supply, that amount is to be expressed in terms of Vanuatu currency as at the time of that supply.
Expressing the dollar ($) sign and/or any other currency on the amounts other than that of (vatu) is an offence under Section 51(1)(e) which states;
(e) Knowingly issues any incorrect tax invoice;
Also an invoice that does not display monetary amounts in vatu will not constitute a valid tax invoice.