How do I get my business ready for VAT?
A few guidelines to get your business VAT ready:
- Familiarize yourself with the VAT law, its implementations, and key policy positions.
- Have an accounting system in place with a Chart of Accounts for recording your transaction and supply details.
- Ensure you have a mechanism for record keeping, VAT balance assessment, and payments for the purpose of VAT registration and return filing.
- Implement a technical solution to display prices, issue receipts, and record sales of your business.