As a representative of a small or medium business, one of your core responsibilities is to ensure the VAT readiness of your organisation.
The following four-step guide details all the requirements for VAT readiness. If at any time you require more information or assistance in the VAT readiness process, please contact a dedicated VAT agent through one of our many resources, here.
Further detailing of the readiness steps
- Develop a detailed understanding of VAT, you can learn more about VAT through the different channels suggested in the following page
- Determine the tax policies of goods to be sold (5%, zero-rated, or exempt), for further information please visit VAT Implementing Regulations document
- Designate a point of contact in the company to deal with GAZT on matters related to VAT
- Establish a system for recording and archiving invoices
- Determine the VAT details of suppliers
- Set in place a consistent means of display for the price of goods (all VAT inclusive)
- Issue sales receipts compliant with VAT requirements
- Align a system to record sales with VAT management requirements
GAZT has engaged with a set of PoS and accounting software providers. These solutions will support SMEs in implementing VAT.
To find the list of PoS / accounting software providers which signed an MoU with GAZT please click here.Also, if you wish to be a GAZT recommended vendor please click here.
For further information on technical solutions for your businesses:
- Set in place a record keeping and account practices which address VAT requirements
- Set in place the ability to assess VAT balance
- Establish the ability to pay VAT balance
Also, if you provide VAT trainings services and wish them to be posted on VAT website, please click here
For a further detailed readiness checklist for small and medium businesses, please click here