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Value-Added Tax Act, 1991 (Act No. 89 of 1991)

Part IX - Compliance

55. Records

 

(1) In addition to the records required under Part A of Chapter 4 of the Tax Administration Act, every vendor must, in particular, keep the following records and documents:
(a) record of all goods and services supplied by or to the vendor showing the goods and services, the rate of tax applicable to the supply and the suppliers or their agents, in sufficient detail to enable the goods and services, the rate of tax, the suppliers or the agents to be readily identified by the Commissioner, and all invoices, tax invoices, credit notes, debit notes, bank statements, deposit slips, stock lists and paid cheques relating thereto: Provided that a vendor's records do not have to show the rate of tax where the vendor has been authorised by the Commissioner to calculate the tax payable by him in accordance with a method prescribed by regulation, as contemplated in section 16(1);
(aA) a record of all importations of goods and documents relating thereto as contemplated in section 16(2)(d);
(aB) any documentary proof required to be obtained and retained in accordance with section 16(2)(f) of (g);

[Subsection (1)(aB) substituted by section 29 of the Tax Administration Laws Amendment Act, 2016 (Act No. 16 of 2016)]

(b) the charts and codes of account, the accounting instruction manuals and the system and programme documentation which describe the accounting system used in each tax  period in the supply of goods and services;
(c) any list required to be prepared in accordance with section 15(9); and
(d) any documentary proof required to be obtained and retained in accordance with section 11(3).

 

(2) [Subsection (2) deleted by the Tax Administration Act, 2011 (Act No. 28 of 2011)]

 

(3) [Subsection (3) deleted by the Tax Administration Act, 2011 (Act No. 28 of 2011)]

 

(4) [Subsection (4) deleted by the Tax Administration Act, 2011 (Act No. 28 of 2011)]