Section 67 of the Value Added Tax Act, 2013 (VAT Act) confers powers to the Cabinet Secretary(CS) for the National Treasury and Planning to draft the necessary legal guidelines for better implementation of the provisions of the VAT Act. Pursuant to the above, the CS on 10th September 2020, published the above regulations related to The Value Added Tax (Electronic Tax Invoices) Regulations, 2020.
The introduction of the new regulations aims to foster compliance through improved accuracy, better record management and also minimize the VAT Auto Assessment reconciliation challenges that have been facing taxpayers for the past 2 years. In a digital world Integrated Management Information Systems are core pillars of data collections, analytics and compliance. This has improved efficiency and effectiveness of revenue collection.
We have tabulated some of the notable changes from the recently published guideline, introduced to regulate the operations of electronic tax invoices (ETI).
Read more by downloading the alert on the right hand side of this screen.