The VAT Office is disappointed to see that few Lawyers practicing in Vanuatu with taxable income possibly well above the VAT registration threshold are not registered for VAT purposes.
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The VAT is closely monitoring the Retail Industry specially the Chinese businesses with multiply changes to their VAT registered partnerships within few years. Registered persons within the Retail Industry are reminded that the original partnership ceases and a new partnership is formed if one of the existing partners’ leaves and/or a new partner joins the partnership.
As of Tuesday 11th August 2015, the Department of Customs and Inland Revenue Office at the Sola International Port of Entry in TORBA Province commenced operations again after being closed for 2 years. This is a big relief to especially sailing yachts which normally arrive and leave through the Banks and Torres islands.
Recently the Value Added Tax (VAT) Office has been receiving advice from businesses with regards to business changing its legal entity and sees it appropriate to inform on the conditions and proper process of effecting this change with the tax Office.
Section 14 of the Value Added Tax Act No.12 of 1998 [CAP 247] (the Act)
The Department of the Customs and Inland Revenue wishes to advice its stakeholders at TORBA Province, the general public, masters/agents of foreign vessels including yachts that the customs and Inland Revenue Office at Sola International Port of Entry in Torba Province will open again for normal operations as from Tuesday 11th August 2015.