the gst guide.pmd - The Belize Department of General Sales Tax

More documents

Recommendations

Info

CHAPTER NINE BOOKS AND RECORDS 9.1 Introduction The aim of this section is to familiarize you with the legal obligations on what records to keep. Remember, there are penalties for failing to keep GST records. A registered person must keep records of all supplies made and purchases acquired during a tax period. Additionally, keep a GST Account which is a summary of the GST liability shown on the monthly return. 9.2 Legal Requirements A registered person shall keep books and records: (a) (b) (c) (b) expressed in the English Language and in Belize currency; to enable the Commissioner to arrive at the tax; at the principal place of business in Belize or such other place as the Commissioner may approve; and for not less than six years after the end of the last tax period to which they relate. The actual books and records kept by a registered person would depend on a number of factors including the type of business activity undertaken. However, the books and records are those that would enable a registered person to ascertain his tax liability and to provide all the information required by the GST Act. Examples of the books and records include: • Annual accounts • Bank statements any paying-in slips The GST Guide 27
• Cash books and other account books • Credit or debit notes you issue or receive • Import and Export documentation • Order and delivery books • Purchase and sales books • Purchase invoices and copy sales invoices • A record of daily gross takings (retailers) • Any relevant business correspondence • GST account • Cash register tills 9.3 What is a Tax Invoice? A tax invoice is a document that shows certain information about what is being transacted, whenever goods or services are supplied by a registered person to another registered person. A tax invoice, which should be pre-numbered, must show the:- (i) (ii) (iii) (iv) (v) (vi) the words ‘TAX INVOICE’ an identifying serial number and the date the name, address and tax identification number of the supplier and the recipient. the description of the items supplied and the quantity the consideration for the supply, not including tax the rate of GST charged and GST payable (vii) the total value of the supply including GST The tax invoice should be in three copies (one for the purchaser, one for the supplier, and one to be made available to the Department of the GST when requested). 28 The GST Guide
Page 1 and 2: GST 300 The GST Guide
Page 3 and 4: 5.5 Adjustment to Output Tax ......
Page 5 and 6: INTRODUCTION This Guide to the Gene
Page 7 and 8: HOW THE GST WORKS GST charged on sa
Page 9 and 10: Importer At importation the importe
Page 11 and 12: (c) (d) (e) goods of a business tak
Page 13 and 14: 3.4 Notifications of Changes in Reg
Page 15 and 16: CHAPTER 4 CHARGING GST A registered
Page 17 and 18: (b) (c) the date of payment or the
Page 19 and 20: CHAPTER 5 ACCOUNTING FOR GST For a
Page 21 and 22: Input tax is deducted from output t
Page 23 and 24: (1) The words ‘Credit Note’ or
Page 25 and 26: CHAPTER SEVEN ASSESSMENTS 7.1 Asses
Page 27: CHAPTER EIGHT AMMENDMENT OF AN ASSE
Page 31 and 32: (ii) (iii) (iv) (v) TIN and name of
Page 33 and 34: Credit/debit notes should also be m
Page 35 and 36: CHAPTER TEN IMPORTS AND EXPORTS 10.
Page 37 and 38: Obligations of a Registered Person
Page 39 and 40: Appendix 1 - Sample format of the S
Page 41 and 42: Appendix 2 - Sample format of the P

the gst guide.pmd - The Belize Department of General Sales Tax

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?