Another issue about VAT is that FIRS has yet to understand the reality in business and a good example is as follows. You buy goods for N100,000, you sell with two per cent profit, meaning you sell ...

Previously, manufacturing firms could not submit VAT returns directly from their ERP (Enterprise Resource Planning, that many offices use) systems ...

For example, when £200,000 has been spent on a new combine the return would include a VAT claim for £40,000. “A quirky return will draw HMRC’s attention, and it is likely to ask you to send ...

The Kenya Revenue Authority (KRA) on Tuesday, December 10, announced changes to its VAT return filing process. In a statement, the Authority said that registered VAT taxpayers will now file their ...