ST. GEORGE'S, GRENADA, Wednesday, December 9, 2015: The Inland Revenue Division of the Ministry of Finance and Energy reminds all VAT registered businesses, of their obligations under the Value Added Tax (VAT) Act, 2009.
Under this Act, all businesses are expected to keep proper records and issue receipts to customers to whom goods are sold.
Failure to do so will result in penalties being charged as follows;
· Failure to issue receipts - $500.00
· Failure to keep proper records - $2500.00
The IRD wishes all taxpayers a wonderful Christmas and looks forward to serving you in the New Year.
Inland Revenue Division