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ATTENTION VAT VENDORS: THE VAT RATE INCREASE AFFECTS YOUR APRIL VAT RETURNS

ATTENTION VAT VENDORS: THE VAT RATE INCREASE AFFECTS YOUR APRIL VAT RETURNS

25 May 2018

As you are aware the increase in the VAT rate from 14% to 15% affects your April VAT returns. 

Please note that for March/April VAT 201 returns, for Output tax, the following applies:

Output tax -

  • for all standard rated supplies where VAT at 14% has been levied, please use Field 12 – “Other and Imported Services” on the VAT201, to declare the output tax.
  • for all standard rated supplies where VAT at 15% has been levied, please use the standard rated fields on the VAT201 that you would normally use to declare the output tax.

Input tax - 

  • for all capital and other goods and/or services supplied to you and charged with VAT at 14%, please use Field 18 – “Other” on the VAT201, to deduct VAT.
  • for all supplies where VAT was imposed at 15%, please use the standard fields on the VAT201 that you would normally use to claim the input tax.
  • For imported goods, supplied at 14% or 15% please use Field 14A or 15A depending on whether the goods are capital or not.

Wan to see an illustration of a VAT201? Click here


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