St. George’s, Grenada, Monday, August 20, 2012: The Inland Revenue Division of the Ministry of Finance wishes to advise VAT Registrants of their obligations under Section 14 (11) of the VAT Act No. 23 of 2009, to inform the Comptroller, in writing and within 21 days, of any change(s) made to their registration status.
These changes may include but are not limited to:-
· Change of business name or other trade name;
· Change of Address;
· Change in Location of business;
· Cessation of business activity; and
· Change in the nature of the taxable activity carried on by the registrant.
Registrants are advised that some of these changes also affect the VAT Registration Certificate. Therefore, it is extremely important to conform to the stated obligation. In addition, VAT Registrants must note that failure to comply with the law, will result in following fixed penalties being imposed as stipulated in Schedule VI of the VAT Act No. 23 of 2009:
OFFENCE FIXED PENALTY
Failure to notify changes affecting
registration or to apply for cancellation $2,500
Failure to comply with requirements
after cancellation of registration $5,000
All are asked to be guided accordingly
INLAND REVENUE DIVISION
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