|RIGHTS OF A REGISTERED TRADER|
RIGHTS OF A REGISTERED TRADER
Under the VAT Act, a registered taxpayer has the right to:
- Deduct allowable input tax.
- Get a refund where input tax exceeds output tax as a result of dealing with zero-rated supplies.
- Get relief for stock in trade as at the time of registration.
- Get relief of VAT held in exempt supplies which have become taxable.
- Get relief or refund on capital goods (including buildings) acquired or put up within twelve (24) months prior to the date of registration.
- Get a refund of bad debts.
-Get a refund of tax paid in error.
- Defer payments of tax due to a date not later than 20th day of the month succeeding that in which tax is charged.
- object to disputed assessments
- Request for reconsideration of an assessment
- Appeal to the tribunal.
- Demand that every authorised visiting officer identify himself or herself.
- Have free access to the Commissioner or any other authorised officer
- Expect that information obtained in the course of duty by the VAT officers shall be treated in confidence.
- Expect minimum interference.
- Be treated fairly and with equity.
- Be given assistance in understanding legal obligations.
OBLIGATIONS OF A TAXPAYER
On the other hand, a registered taxpayer has obligations under the VAT Act, to: -
- To apply for registration.
- Charge VAT at the right rate on all taxable supplies made.
- Pay tax to his registered suppliers.
-Install and use an Electronic Tax Register (ETR)
- Issue a tax invoice for every supply made by him.
- Submit monthly returns to Domestic Taxes Department.
- Pay to the Commissioner any amount he may have charged on an invoice by error.
- Keep full, and true records written and retain them for five years.
- Avail records to authorised officers of the Department at reasonable time for inspection.
- Produce for examination by the Commissioner or an authorised officer any records, books of accounts, balance sheets or other documents as may be required.
- Allow an authorised officer to enter premises upon which he carries on business.
- Notify details to the Commissioner of any changes affecting the registered business