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Inland Revenue Clarifies Turnover Tax

 and/or termed as exempt supplies under Schedule 1 of the Value Added Tax (VAT) Act No. 12 of 1998 [CAP247].

  In line with schedule 1 of the VAT Act, businesses eligible for this tax type fall under business Category Fs which includes financial institutions such as Trust Companies, Money Transfers & Money Exchange, Hire Purchase services, and other professional businesses such as Accounting Firms, Law Firms, Financial & Management Services, Consultancy and Security Services, Engineering and Architectural, Real Estate & Property Developers. Commercial Banks and Insurance Companies though they fall under Categories F1 and F3 are not included however turnover tax is charged at the rate of 5% and falls due every quarter. Returns and payments are to be made on and/or before the following dates:

     •  14th January;

     •  14th April;

     •  14th July;

     •  14th October.

Late payments carry a penalty fee of 10% and accumulating at this rate every month if payments remain unpaid.

For more information please contact the Rates and Taxes Office by phone: 00678 24969 (Port Vila) and 00678 36386 (Santo) or visit us at our Office in Carnot Street, Port Vila or at Millennium Building in Luganville.