E-VAT is an electronic means of issuing VAT receipts OR an electronic invoicing system for VAT-registered businesses. E-VAT is not a new tax, but an improvement on how VAT transactions are invoiced.
The new E-invoicing system applies to both the VAT Flat Rate and Standard Rate Schemes. By this, all VAT components for both VAT types still hold in the calculation of liabilities respectively .i.e.
VAT STANDARD COMPONENTS
VAT FLAT RATE COMPONENTS
Either of the two could be installed by experts from the GRA as per the choice of the beneficiary business
You need a;
An E-VAT receipt comes with some security features (This part could be visualized)
This new invoicing system has been designed to simplify the work of businesses which are registered for VAT. The new invoicing system will;
The E-VAT system has been introduced under VAT Act 870 as amended.
#ElectronicVAT #EVAT #E-VATinvoice #Electronicinvoice
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