Section Code: 0087
Report Preparation and Record Keeping
Subject to Section 87/1 or 87/2, a VAT registrant shall be liable to make the following reports:
- output tax report,
- input tax report,
- goods and raw material report only in the case where the VAT registrant carries on business on sale of goods.
In the case where a VAT registrant is liable to tax under Section 82/16, he shall be liable to make report on value of tax base and goods and raw material report.
Reports under paragraphs 1 and 2 shall be in accordance with form prescribed by the Director-General and shall be made by each place of business.
Method of making an entry into the report shall be in accordance with rule, procedure, and condition prescribed by the Director-General and an entry shall be made within 3 working days as from the date of acquisition or disposition of such goods or service, except in the case of necessity the Director-General shall prescribe otherwise as he deems appropriate.
Where it appears to be necessary or appropriate, the Director-General shall, with the Minister’s approval, have the power to direct the VAT registrant to make report differently from Section 87.
The Director-General shall, as he deems appropriate, have the pow er to order an agent of a VAT registrant to make reports even though he is not a VAT registrant. The reports of an agent under this Section shall be in accordance with form, rule, procedure and condition prescribed by the Director-General.
VAT Registrant liable to tax return filing and tax payment and person liable to making reports under the provision in this Part shall keep tax invoice, report, copy of tax invoice as well as documents supporting the making of such reports or other documents as prescribed by the Director-General at the place of business w hich such report is made or other places as prescribed by the Director-General for at least 5 years as from the date of tax return filing or report making, as the case may be, except:
- in the case where a business person temporarily registered for value added tax under Section 85/3, such keeping of report and document shall be in accordance with rule, procedure, and period of time as prescribed by the Director-General, but such period of time shall not exceed 5 years;
- in the case where a VAT registrant ceasing the business, the VAT registrant, a liable person in tax return filing and tax payment or a liable person in report making shall continue to keep the above reports and documents which he is liable to keep on the date of business cessation for 2 year;
- the Director-General, as he deems appropriate, may prescribe for the VAT registrant to keep the reports and documents for more than 5 years but not exceeding 7 years.
The keeping of tax invoices and other documents supporting the making of input tax report under Section 87 (2) shall be in order and corresponding with items in the report, and shall be in accordance with rule, procedure and condition as prescribed by the Director-General.