TAX MATTERS: VAT adjustment: The most forgotten matter

The Value Added Tax system is premised on documentation such as tax invoices, credit and debit notes.
There are, however, instances wherein some VAT transactions can be accounted for without the need for such documentation because there are no third parties involved in the transactions.

These include where there is a decrease or increase in use of capital goods or change in use of supplies or capital goods necessitating VAT adjustments. These are often overlooked by registered operators when completing VAT r