Features of a Tax Invoice.

Change in Definition of Tax Invoice

Definition of “tax invoice” or “fiscal tax invoice” revised to a fiscal tax invoice provided by a registered operator and printed by a fiscalised electronic register or fiscal memory device used by a registered operator w.e.f. 1 January 2022.Tax invoices generated before 31 December 2021, may be claimed no later than 31 March 2022.Taxpayers not compliant with fiscalisation requirements will no longer be issued with a tax clearance certificate.

Requirements for Tax Invoices

A registered operator is normally required to issue a tax invoice which satisfies the requirements of the Commissioner and the requirements of the contracting parties. A registered operator is required to issue a tax invoice within 30 days from the date of supply, but it may not be necessary to issue a tax invoice where the consideration in money does not exceed $100.

Features of a tax invoice should include:

• The words “TAX INVOICE” in a prominent place
• Name, address and VAT registration number of the supplier
• Name, address and VAT registration number of recipient
• Individual serialised number and date of issue
• Description of goods and /or services
• Quantity or volume of goods or services supplied
• Price & VAT