The National Bureau for Revenue (NBR) has emailed taxpayers who have reported sales or adjustments in the field for standard rated sales at 5% inthe VAT returns submitted for recent tax periods. The NBR has highlighted that the transitional provisions relating to theVAT rate increase have ceased to apply as of 1 January 2023 and therefore, there are limited cases in which this field can be used. The NBR has urged taxpayers that have previously used the field for standard rated sales at 5% forunjustifiable reasons to self-amend their VAT return(s).
Source: assets.kpmg.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
