At the end of every tax payer, the registered dealer should make sure that following year end VAT compliance are taken into account at the time or after filing of last VAT return.
|Retention of invoices|
A Taxable Person shall retain photocopies of all Tax Invoices issued by him for a period of five years from the end of the Gregorian year in which such invoices were issued.
Where the Input Tax is related to Goods and Services used to make Taxable Supplies and non-Taxable Supplies, and the Taxpayer cannot attribute the Input Tax exclusively and directly to any of these Supplies, he shall, for the purposes of exercising the right to deduct, use a proportional deduction ratio.
- The Taxable Person shall determine at the end of each Tax Period the proportional deduction ratio calculated on the basis of the actual value of the Supplies made during this Tax Period.
- At the end of the Tax year, the Taxable Person shall compute the proportional deduction ratio based on the actual value of Supplies made in that Tax year. Where the amount of deductible Input Tax for the Tax year resulting from this annual computation differs from the total amount of Input Tax actually deducted throughout the Tax year, the Taxable Person shall make an adjustment for this difference. This adjustment shall be made in the final Tax Period for that Tax year or in the first Tax Period of the following Tax year.
|Refund of Tax paid by Non-Resident Persons|
The refund application shall be accompanied by all supporting documents and shall be submitted within three months from the end of the year during which the Tax was due.
|End of transition period|
Tax due on Goods imported into the Kingdom during the transitional period in the first year from implementing the provisions of the Law from 1 January 2019 until 31 December 2019, shall be collected pursuant to the procedures, systems, and conditions set by the Bureau.
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