Credit Note Collections – Withholding Tax (WHT) & Value Added Tax (VAT)
The information given on invoices and credit notes normally establishes the VAT liability of the supplier of goods or services and the entitlement of the customer to a deduction, where applicable, for the VAT charged.
Many companies experience the constrain of balancing their books because of different TAX payable owed or not remitted by their clientele or customers. The customer’s inability/unwillingness to provide evidence of remittances of Withholding Tax (WHT) or Value Added Tax (VAT) that had been deducted from its previously settled bills impacts on a company’s ability to reconcile its accounts. We ensure the collection of documentary evidences of such VAT or Withholding TAX elements which are due you are collected as at when due. This act will ensure that companies are not applying double Taxation on themselves and ensure better book balancing. Most of the time reconciliation is always required where credit note or VAT certificate is not present for submission.