Filling of monthly VAT returns is a mandatory by law.This applies for all those goods and services which VAT is charged.If your business charges for VAT then you are mandated to file returns.
Acquiring an ETR machine should be the first thing your business should do.An ETR machine cost on average twenty five thousand shillings.However having it approved by KRA is another step that should not be missed.Having an ETR machine which is not approved by KRA can land you in lots of trouble.
You have to have your PIN registered on iTAX.This is a new platform in the KRA platform.Your PIN should have an obligation for VAT.The VAT obligation should be active in your PIN.To access KRA portal.click here
When doing business insist that you be serviced with a receipt from the ETR machine.This applies both ways.When also selling your product or service.Provide your clients with an ETR receipt.This comes in handy when filling the VAT returns as the difference is what you pay for
After having both receipts for purchases and sales.The difference between these two will amount to the VAT for that month.
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