The Inland Revenue Department (IRD) is pleased to announce that the 26th and 27th August, 2022 are the prescribed dates for the Discounted VAT Rate Days.
This will allow all approved VAT registered businesses to charge VAT at the rate of 5% on the sale of goods only. All tangible items that are currently subject to 17% VAT will qualify for the discount on Discounted VAT Rate Day. Items eligible must also be available for sale and immediate issuance or delivery to the customer on Discounted VAT Rate Days.
Orders for items not in stock do not qualify. Vehicles, guns, ammunition, cigarettes and alcoholic beverages are not eligible.
Alcoholic beverages not eligible include but are not limited to Wine, Brandy, Vodka, Whiskey, Gin, Rum, Liqueurs, Beer, Guinness, Royal Stout, Carib, and Smirnoff Ice.
Businesses desirous of registering for Discounted VAT Rate Day must ensure that:
• All VAT return filings and/or payments are up to date;
• They have no outstanding taxes, licenses, penalties and/or interest due to the Inland Revenue Department and/or the Customs and Excise Department.
Business wishing to participate may collect application forms from the Inland Revenue Department’s Main Office on the Bay Road, and the Charlestown Office. Forms must be returned on or before August 25th, 2022 at 3:00pm. Businesses are encouraged to submit their applications via email at inlandrevenue@ird.gov.kn.
For more information on application and registration for Discounted VAT Rate Days, kindly contact the Taxpayer Services Unit at 465-8485 Ext: 3400/3401, email at inlandrevenue@ird.gov.kn, visit the Department’s website at www.sknird.com or Facebook page