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(1) Each registered person shall, unless otherwise provided for in this regulation, for the purpose of accounting for the tax, keep the following records:

(a) a Value Added Tax account to show total output tax and the amount due to or due from the Commissioner-General for each month;

(b) relevant business and accounting records including sales and purchase journals, cash books, ledgers and other subsidiary books of account;

(c) copies of all tax invoices and sales receipts issued;

(d) tax invoices and sales receipts received;

(e) documentation relating to the importation and exportation of goods and services;

(f) all debit and credit notes or other documents providing evidence of an increase or decrease in the value of goods and services purchased or sold; and

(g) any other records that the Commissioner-General may specify.

(2) The accounting software used by a registered person shall be one that is approved by the Commissioner-General.

(3) On application by a registered person, the Commissioner-General may permit the records required to be kept under the Act and under these Regulations to be maintained electronically, subject to the conditions that

(a) the Commissioner-General shall have unrestricted access to the records of the registered person during normal business hours;

(b) the registered person shall provide, at the expense of the registered person, print-outs of any information required by the tax officer;

(c) the registered person shall provide a competent Information Communication Technology personnel, at the expense of the registered person, to assist the Commissioner-General in any verification or audit the Commissioner-General may wish to conduct; and

(d) the registered person shall make the records available for examination by the Commissioner-General whenever examination is required.

(4) The registered person shall keep the records required to be kept under subregulation (1) for a minimum period of six years and shall after the six years, only destroy the records with the written permission of the Commissioner-General.