Value Added Tax (Amendment) Act, 2024

Abstract

The "Value Added Tax (Amendment) Act, 2024" introduces significant reforms to streamline VAT administration through the integration of electronic tax invoicing systems. The amendments replace references to fiscal devices with the new terminology "tax invoicing system," establish the authority of the Minister to make regulations for the operation of these electronic systems, and define procedures for issuing tax invoices and maintaining stock records electronically. These changes aim to enhance tax compliance, improve record-keeping, and modernize the VAT framework to reflect technological advancements in tax administration.