When and how to register.
WHAT IT IS
A tax on the supply of goods and services, collected by businesses.
WHAT REGISTRATION MEANS
You charge it on applicable supplies, and remit it.
WHO MUST REGISTER
Businesses meeting the criteria set by the tax authority.
WHY THOSE CRITERIA MATTER
Thresholds have been revised, and small businesses below a turnover threshold have been exempted from charging.
WHAT TO ESTABLISH
Your current position, against current rules.
WHAT REGISTRATION OBLIGES
Charging the tax on applicable supplies Issuing compliant invoices Filing returns Remitting collected amounts
WHAT FILING TYPICALLY INVOLVES
A periodic return, whether or not there were transactions.
WHY EVEN WITH NO TRANSACTIONS
Nil returns are usually required, and failure attracts penalties.
WHAT AN INVOICE MUST TYPICALLY SHOW
Your tax identification number The amount charged The tax shown separately
WHAT INPUT TAX IS
Tax you paid on purchases, which may be recoverable against what you collected.
WHAT RECORDS TO KEEP
Invoices issued and received Evidence of payment Returns filed
HOW LONG
Per the retention period the law requires.
WHAT TO BE CAREFUL WITH
Charging without being registered Collecting and not remitting
WHY THE SECOND IS SERIOUS
The money is not yours.
