VAT penalties can cripple your business
Friday, September 05, 2014
They are also entitled to offset the tax they suffer when they acquire goods and services for their business (input tax), against the output tax. Where output tax exceeds input tax, the registered person should pay VAT to BURS. A refund is claimable from BURS where input tax exceeds output tax.
Registered persons are required to file VAT returns, based on the VAT category that is allocated to them at the time of registration.
The recent disclosure by the IEC that 2,513 registrations have been turned down due to various irregularities should prompt all Batswana to meticulously review the voters' rolls and address concerns about rejected registrations.The disparities flagged by the IEC are troubling and emphasise the significance of rigorous voter registration processes.Out of the rejected registrations, 29 individuals were disqualified due to non-existent Omang...