gra.gm VAT Registration : Gambia Revenue Authority

Name of the Organization : Gambia Revenue Authority
Type of Facility : VAT Registration
Country : Gambia

Official Website : http://www.gra.gm/

VAT Registration :

Who Must Register :
Every person (individual or other type of business entity) with a turnover of taxable goods and services totalling D1,000,000 or greater in any consecutive period of twelve months must register.

Related : Gambia Investment & Export Promotion Agency Business Registration : www.statusin.org/8852.html

The minimum threshold applies on both a retrospective and prospective basis, i.e. based on prior period volumes and expectations for the coming periods.
This is a continuing test and unregistered persons carrying on a business need to compute the total value of taxable supplies at the end of each month to check whether they are required to apply for registration. If a person satisfies the registration threshold within the 12-month period, they are required to apply for registration at that time rather than waiting until the end of the 12-month period. This circumstance would normally apply to new businesses, although it will also apply to expanding businesses.

You will not be required to register where :
** It is unlikely that your taxable supplies will exceed D1,000,000
** The revenue resulted from the sale of a capital asset
** The revenue is from a hobby or private recreational pursuit not conducted as a business
** You exceeded the threshold due to a private, occasional transaction, e.g. sale of a personal vehicle and household goods

Additional Registrants :
A business with taxable supplies totalling D500,000 turnover and above can apply for voluntary registration. A business may wish to take advantage of the voluntary registration option if they makes supplies to other registered persons, or if the person is an exporter. Approval for registration will be subject to demonstration that the business is capable of meeting the obligations regarding issuance of sales receipts, record keeping, timely filing and payment, in accordance with the prescribed requirements. Promoters of public entertainment and auctioneers are required to register irrespective of turnover levels.

Non-resident persons must register if they meet the above mentioned D1,000,000 threshold for supplies made in The Gambia, in regard of specified activities outlined in the legislation.

Benefits Of Vat Registrants :
Only VAT registered taxpayers are allowed to deduct the tax they have paid out. They do this by offsetting the tax incurred on the VAT tax they have collected and remitting only the difference – the value added portion. By this formula, the VAT is not a cost to business, but rather is paid by the final consumer of the goods or services.

All VAT registrants can benefit from Input Tax Credit (refund) if the input tax for a VAT tax period is more than the output tax (sales). Businesses with significant export sales are the most common situation where a refund would be due on a regular basis. Even though the taxable supplies may total under the $1M threshold, due to VAT not being collected on the 0% rated exports it would be advantageous for those businesses to apply for VAT registration in order to recover the qualified VAT taxes that they have paid out.

Obligation Of Vat Registrants :
** Every VAT registrant will be required to file a VAT return monthly whether or not tax is payable or if there has been no economic activity in respect of that period. The return should be filed to the Commissioner General in the form prescribed in the law.
** The net VAT payable by a registrant for a tax period is due on the same date for filing the return.
** Registrants are required to self-assess their VAT liabilities and submit their VAT returns. In support of the declared amounts on these returns, they must maintain accurate records of all business transactions
** Filing of “Nil” returns is accepted, as an international VAT norm to ensure that the administration is always informed of business activity
** For every supply of goods and services, the registrant must issue a VAT invoice – a sales receipts or statement showing all required details as prescribed by law
** The advertised and quoted prices must be VAT-inclusive, and clearly state the amounts include the VAT charged
** A VAT certificate of registration must be prominently displayed at the business premises

Process For Registration :

** A person who is required to register must do so by completing and submitting the prescribed registration form within twenty-one days of meeting the threshold test, as described above.
** The GRA Commissioner-General will consider the application and approve registration within twenty-one days of receipt of the application.
** Registration takes effect from the beginning of the first month after the person was required to submit the application, or at the start of a later month as the Commissioner-General may notify in writing.
** The Commissioner-General will issue certificates of registration, which must be displayed at the principal place of business and every other location where the person engages in taxable activities.
** Those who wish to voluntarily register are permitted to do so within six months of the end of any twelve month period when their taxable supplies total D500,000 turnover and above.

Cancellation Of Registration :
** A person may apply for cancellation of registration within 30 days of ceasing to make taxable supplies.
** A person may apply for cancellation if they have been registered for the previous 24 months and if their taxable supplies for the past 12 months have been less than D500,000.
** Cancellation will not be approved where there are reasonable grounds to expect that turnover will be in excess of the D1,000,000 threshold at any time in the next twelve months.
** Registration may also be cancelled where a person :
** has not kept proper business records
** has not filed regular and reliable VAT returns
** has not complied with obligations under the other Revenue laws obtained registration by providing false or misleading information

Download Form : https://www.statusin.org/uploads/5154-VAT-REGISTRATION-FORM.doc

Contact Us :
78/79 Liberation Avenue
Banjul, The Gambia
West Africa

Phone : +220 4223131
+220 4227715
+220 4233131

Fax : +220 4226803
Email : info@gra.gm