VAT rules and the pertaining compliance obligations are complex in themselves. As a result, the likelihood of non-adherence to such obligations may be high, which would consequently be detrimental to the well-being of an organisation.

In principle, VAT is meant to be neutral for businesses, however certain slips could be costly and can best be avoided by ensuring that VAT practices and processes are in line with the pertinent legislation.

We at Zampa Debattista can offer a bespoke VAT check specifically conducted to provide a real time snap shot of a business from a VAT perspective.  By adopting a practical approach our VAT team will carry out the necessary checks and verifications on VAT records, including a review of practices and processes with a view to identifying and highlighting any gaps or omissions within the existing reporting mechanism of the organisation.

In a nutshell the ZD VAT Check aims to ensure that:

  • VAT is being accounted for correctly, at the right time and at the appropriate rate
  • Cross-border VAT transactions are properly treated consistent with the place of supply rules
  • Tax invoices issued by and to the business are materially correct and in accordance with standing regulations
  • All documentation in connection with your VAT transactions is recorded, stored in the manner and retained for the period of time as required by law
  • All pertinent VAT transactions are faithfully reported in your VAT returns in the relative tax reporting period
  • Input VAT has been correctly claimed and that blocked items have been excluded
  • No Input VAT has been reclaimed on private supplies or use of business assets
  • The partial attribution methodology is being applied/calculated correctly
  • Recapitulative statements are filed and completed properly

For a free information session please contact Matthew Zampa or Charles Vella who may assist you accordingly

Matthew Zampa – Partner

Charles Vella – Senior Manager