Section 2 of the VAT Act No. 12 of 1998 [CAP 247] defines a ‘registered person’ as a person who is registered or is liable to be registered. The VAT Act places a number of obligations upon registered persons, which includes:
Filing a VAT return in the prescribed form by the due date, (the due date for filing a return is set by Section 16 and is usually the 27th day of the month following the end of the taxable (return) period;
- Calculating and accounting for VAT payable using your nominated accounting basis;
- Paying the tax due for each period by the due date specified in Section 20 (this date is the same as the due date for filing a return for the same period);
- Issuing proper tax invoices;
- Issuing a debit or credit note, as required under Section 22, to verify any alteration to the VAT charged;
- Keeping sufficient records to enable the Director to ascertain the VAT liability.
Furthermore as a VAT registered person you must notify the Director in writing within 21 days after any change to your business circumstances. These changes include:
- Any changes in the name, address, or nature of main taxable activity or activities;
- Any changes in the address or the name in which any taxable activity is carried on i.e. change of address of the business premises and/or change of business name;
- Ceases to be eligible as a member of a group within the provisions of Section 45.
The VAT Act also makes it very clear under Section 13(5) that no obligation under the VAT Act shall be affected by the fact that a person ceases to be registered or that the registration is cancelled.
For more information on any VAT issues, please contact the VAT Office by phone: 00(678) 24573 and 00(678) 37517 (Santo), visit us at our Office in Carnot Street, Port Vila or email us.
