Finance makes u-turn on VAT periods
The changing of periods for value-added tax (VAT) that was brought about by the implementation of the Integrated Tax Administration System (ITAS) has been reversed by the ministry of finance.
In a statement issued by the executive director of the ministry, Ericah Shafudah says affected taxpayers have expressed concerns about the additional administrative tasks imposed on them as a result of the change.
With the implementation of the ITAS, VAT periods were changed by aligning it the respective financial years of taxpayers.
“Having noticed concerns of taxpayers, the ministry decided to convert back to the old VAT periods. This means ITAS will generate filing obligations and deadlines in line with issued notice of registration, thus without any changes to any taxpayer’s VAT periods,” Shafudah said.
Taxpayers should therefore file their VAT returns and make payments in accordance with the old VAT periods and deadlines, she said.
In a statement issued by the executive director of the ministry, Ericah Shafudah says affected taxpayers have expressed concerns about the additional administrative tasks imposed on them as a result of the change.
With the implementation of the ITAS, VAT periods were changed by aligning it the respective financial years of taxpayers.
“Having noticed concerns of taxpayers, the ministry decided to convert back to the old VAT periods. This means ITAS will generate filing obligations and deadlines in line with issued notice of registration, thus without any changes to any taxpayer’s VAT periods,” Shafudah said.
Taxpayers should therefore file their VAT returns and make payments in accordance with the old VAT periods and deadlines, she said.
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