Vanuatu To Redouble Efforts To Collect Due VAT
by Mary Swire, Lowtax.net, Hong Kong
12 August, 2016
Vanuatu has announced that it is enhancing inter-agency collaboration to actively recover value-added tax dues.
The VAT Office, part of the Inland Revenue Division, has shared information with the Department of Finance and Treasury on amounts outstanding and will work together to chase debtors.
The Vanuatu Customs Office noted that Section 33 of the VAT Act empowers authorities to reduce the value of a taxpayer's input tax credits proportional to the amount of VAT they owe.
It is intended that before payments are made to taxpayers, their tax affairs will be checked to ensure that their VAT payments are up to date.
The approach is as part of a reform to how the Government should function, as mandated by the Council of Ministers.
The VAT Office has urged VAT-registered taxpayers to check with authorities that they are fully compliant and no VAT payments are outstanding. The VAT Office said it has devised ways to support those taxpayers who have fallen significantly behind on their tax obligations.
See all of today's news