Most Common Mistakes Seen Among Companies With Respect to VAT
- VAT Registration by one not required to register
- Collecting VAT who is not supposed to collect
- No VAT-Registration by one who is required to register
- No VAT filing by registered ones
- Wrong claim of inputs
- Collecting VAT and not paying Wrong Classification of nature of Transactions such as Standard rated, Zero rated, exempt and out of scope
- Determination of date of supply / Time of Supply
- Determination of Place of Supply Issuing improper Tax Invoice
- Tax Implications on supply between designated zone and mainland
Most of the cases that we came across are innocent mistakes due to the ignorance.
But ignorance of law is not an excuse and you will end up as a tax evader.
We ask our clients to concentrate on their business and leave their worries to us on amendments and updation in taxation law, returns, refunds, disputes and voluntary Disclosure whatever it be.