Frequently Asked Questions on VAT

Last updated on 16 September, 2019

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What records and books of accounts must be maintained for VAT?

The following should be maintained for VAT purposes:

  • Original tax invoices received by the taxpayer
  • Copies of tax invoices, credit and debit notes issued by the taxpayer 
  • Accounting books containing the transactions in chronological order 
  • Balance sheet
  • Profit and Loss account 
  • Records of payroll
  • Records of fixed assets 
  • Inventory records for each tax period 
  • Customs documents for import and export transactions carried out by the taxpayer
  • Additional records (if any) prescribed by NBR
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