V.A.T. Act 2007 - Kenya Revenue Authority

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Rev. 2007 VALUE ADDED TAX CAP 476 (a) the name, address, VAT registration number and personal identification number of the user of the register; (b) the logo and identification number of the register; (c) the serial number of the receipt; (d) the date and time of issue of the receipt; (e) the name, quantity, unit price, unit name, chargeable tax rate and the value of the recorded sale of goods or services; (f) the tax amount payable; and (g) the total amount payable inclusive. (2) Where, under the proviso to paragraph 1 of the Seventh Schedule to the Act, the Commissioner has authorized other methods of accounting for tax - (a) the registered person shall record the value and brief details of each supply as it occurs and before the goods, or the customer, leaves the business premises; (b) the registered person shall keep a cash register, book, or other suitable record at each point of sale in which shall be entered details of all cash received and cash payments made at the time that they are made and at the end of each day the record shall be totaled and a balance shall be struck; (c) at the end of each day the output tax chargeable on supplies made and the deductible input tax shown on tax invoices in respect of supplies received shall be recorded in the appropriate records. Credit note and debit note. L.N.52/2004. 6. (1) Where goods are returned to the registered person or, for good and valid reason the registered person decides for business reasons to reduce the value of a supply after the issue of a tax invoice, a credit note may be issued for the amount of the reduction. Provided that a credit note may be issued only within twelve months after the issue of the relevant tax invoice. (2) Where a credit note is issued under this regulation it shall be serially numbered and shall include details of the name, address, VAT registration number and personal identification number of the person to whom it is issued and sufficient details to identify the tax invoice on which the supply was made and the tax that was originally charged. (3) A registered person who issues a credit note under the conditions specified in this regulation may reduce the amount of his output tax in the month in which the 114
Rev. 2007 VALUE ADDED TAX CAP 476 credit note was issued by an amount that bears the same proportion to the tax originally charged as the amount credited bears to the total amount originally charged and the amount of tax so credited shall be specified on the credit note. (4) A registered person who receives a credit note for the supply in respect of which he has claimed deductible input tax, shall reduce the amount of deductible input tax in the month in which the credit note is received, by the amount of tax so credited. (5) Where a registered person has issued a tax invoice in respect of a taxable supply and subsequently makes a further charge in respect of that supply, or any transaction associated with that supply, he shall in respect of the further charge being made, issue either a further tax invoice, or a serially numbered debit note containing all the details specified in regulation 4, and shall show on it the details of the tax invoice issued at the time of the original supply. (6) A registered person who receives a further tax invoice or a debit note issued in compliance with paragraph (5) may, if the supply is eligible therefor and in so far as it has not previously been claimed, claim as deductible input tax such further amount of tax that is being charged, in the month in which the further charge was made, or in the next subsequent month. Records to be kept by taxable persons. L.N. 121/96. 7. (1) Records to be kept and produced to an authorized officer under this regulation include - (a) copies of all invoices issued in serial number order; (b) copies of all credit and debit notes issued, in chronological order; (c) all purchase invoices, copies of customs entries, receipts for the payment of customs duty or tax, and credit and debit notes received, to be filed chronologically either by date of receipt or under each supplier's name; (d) details of the amounts of tax charged on each supply made or received; L.N. 121/96. (e) a VAT account showing the totals of the output tax and the input tax in each period and a net total of the tax payable or the excess tax carried forward, as the case may be, at the end of each period; (f) details of goods manufactured and delivered from the factory of the taxable person; L. N. 96/2001. (g) copies of all stock records kept periodically as the Commissioner may determine. (h) details of each supply of goods and services from the business premises, 115
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V.A.T. Act 2007 - Kenya Revenue Authority

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