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

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,
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