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VAT Registration booklet released

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In anticipation of the introduction of Value Added Tax (VAT) on 1 May 2007, the Value added Tax Unit on Tuesday issued the first of a new series of information booklets on the subject of VAT. This is the VAT Registration Guide.

“We are planning to issue a range of leaflets and booklets dealing with separate aspects of the Value Added Tax system,” said Alma Dougan, the officer in charge of the VAT Implementation Team. “Some of the information has already been given to businesses as informal handouts, but we are now producing the information in an easy to use format and making the booklets available to a wider audience.”{{more}}

This first publication deals with the subject of registration. Businesses whose annual turnover is in excess of $120,000 were required to register for VAT by February 28. Many businesses have already registered, but there may be others, who were not aware of the requirement or whose turnover is now approaching the threshold, who may need to register. In addition, a business whose turnover is less than the threshold may wish to apply for voluntary registration.

The Registration Guide explains who should register, when to apply and how to apply for registration. There is a special registration form available either from the government website (www.gov.vc) or from the Inland Revenue Department’s VAT Unit in Grenville Street, Kingstown.

“Registration is a relatively simple process, ” said Dougan, “but people applying for registration should make sure they use the correct form since non-individual applicants need to give more information than individuals.” When an application is approved, the business will receive a registration certificate. The certificate is to be prominently displayed at the business premises.

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