What are the obligations of dealers registered for VAT?
Dealers who are required to be registered for VAT must (1)Charge and collect VAT on their sales of taxable goods (2)Issue proper tax invoices (3)Keep proper records and books of account (4)Calculate the VAT due to Government based on VAT charged on sales LESS any VAT available as a set-off on business purchases (5)File VAT returns on a regular basis declaring their VAT liability (6)Pay any amount of VAT due to the Government with the VAT
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