SMEs 3 Recommendations for VAT Progress 2014
1. VAT training in the future should focus on three different accounting and reporting perspectives: manufacturing, merchandising and services because all of these organizations have diverse business models.
2. There should be a 3 years flat rate of 7.5% or adjust custom duties and excise taxes to offset the increase because many businesses enter fixed contracts normally for 3 years maximum. IF VAT rate increase it may be difficult to renegotiate fixed contacts. My advice to SMEs is to have a clause inserted in all contract that read “prices changes could be made if VAT increase”
3. Government must compliment VAT with aggressive fiscal reform measures like collecting BEC, NIB, property and other outstanding taxes. The government should also reduce and control its expenditure
VIEW AUGUST 21, 2014 VAT INTERVIEW ON ZNS
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