New VAT Reporting Requirements for 2014
On 27 May 2013, the Revenues Department issued a new VAT reporting requirement that is applicable for all VAT registrants (Announcement of the Director General No. 197 (2013)).
Under this new reporting requirement, the VAT registrant must submit a monthly summary on sales of goods or services. The summary must include the (1) VAT receipt numbers, (2) names of the purchaser of goods or services, (3) tax identification number of the purchasers, (4) main or branch office of the said purchasers, (5) the value of the goods or services sold, and (6) the VAT on the sale. The summary is to be filled out in accordance with the standard form provided in the announcement.
This new reporting requirement will enter into effect on 1 January 2014. This is a significant addition to the existing monthly VAT reporting requirement. Under the existing reporting standard, the VAT registrant is only required to file a monthly VAT summary (Form Por Por 30) with the lump sum input and output VAT. The VAT registrant is not obliged to provide details of each VAT transaction to the Revenues Department.