Value Added Tax documentation |11 May 2012

A Vat-registered taxpayer has an obligation to meet the requirements and regulations of the Vat Act. A person who fails to comply with the given law is committing an offence under the law.

Record keeping
A Vat-registered business must keep full and true records of all business transactions which are related to the liability of Vat. The records need to be detailed to enable accurate calculation of the tax liability or refund. All records and accounting documents must be kept for a period of seven years from the date of the latest tax period to which they refer to.

Which records or documents must be kept by Vat taxpayers?
It is the responsibility of a taxpayer to provide all kept records or any related documents when requested by the Revenue Commissioner or by an officer of the Seychelles Revenue Commission.

Obligated records that must be kept by a Vat-registered business are:
• Original or certified copy of Vat invoices, debit and credit notes where applicable
• Documents related to import and export
• Documents relating to a specific service showing adequate information such as the nature of service; the quantity of service supplied; the time and place of the supply; the extent to which the supply has been used; and the consideration for the supply.
These documents must be kept in chronological order.

Vat invoice
An invoice is a document that notifies the purchaser of an obligation to make payment in respect of any transaction. Vat invoice is an important document in the Vat accounting system, which relates to a taxable supply. A Vat invoice must contain specific information prescribed by the Vat Act 2010.

Details or features that must appear on a Vat invoice are:
• The name Vat invoice clearly indicated in a prominent place
• The name, address and Tax Identification Number (TIN) of the supplier
• The name or business name and address of the recipient of the supply
• The date on which the supplies was made
• A description of the goods purchased or services provided
• The total price excluding Vat
• The amount of Vat applicable to the sales
• The total price including Vat

The calculation of Vat is based upon Vat invoices, at the time of making the supply from a taxable person to another taxable person. Only one Vat invoice may be issued for the same taxable supply and no claim for input Vat is allowed unless supported by a Vat invoice or Vat credit and Vat debit note.

Lost or misplaced Vat invoices, Vat credit and Vat debit notes

If a Vat invoice, Vat credit and/or Vat debit note is lost or misplaced, the supplier cannot issue another Vat invoice, Vat credit and/or Vat debit notes as it is an offence to issue more than one of those documents per taxable supply. In such a case, a copy of the Vat invoice, Vat credit or Vat debit note has to be issued, and the supplier has to indicate that the document is a ‘copy’ of the original one.

Requests for Vat document
If a taxable person for any reason has not been issued with an original Vat invoice, Vat credit note or Vat debit note, that taxable person may make a written request to the supplier to obtain the required document. The request has to be made within 60 days from the date of the supply or from the date of transaction and the supplier must comply with the request within 14 days of receiving it.

For more information
You can contact the Seychelles Revenue Commission on 4293737 or email us at advisory.center@src.gov.sc. The Value Added Tax Act, 2010 is available on the Seychelles Revenue Commission website (www.src.gov.sc).

Submitted by the Seychelles Revenue Commission