The Inland Revenue Division (IRD) of the Ministry of Finance and Energy reminds property owners whose rental income meets the VAT registration threshold of $120,000 per year, of their obligations to adhere to all requirements under the Act with respect to registration, displaying of certificates, issuing receipts/invoices and keeping accurate records of all transactions.
The amendment to the Value Added Tax (VAT) Act allows for registrants to account for VAT on monies collected or services performed from 1 August 2014. All registered landlords are obligated to account for VAT collected on all contracts performed after 1 August 2014.
Property rental owners are also reminded that the filing and payment date for the current month is due and payable by the 20th of the following month. For example, filing and payment for August 2014 is due on or before 20 September 2014.
Property owners, tenants and the general public are asked to give their full support to this process. For further information, please contact the Division at 440-3556/435-6945/46.