PART VACCOUNTING, PAYMENT AND RECORDS
The VAT accountI132
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1
Every taxable person shall keep and maintain, in accordance with this regulation, an account to be known as the VAT account.
2
The VAT account shall be divided into separate parts relating to the prescribed accounting periods of the taxable person and each such part shall be further divided into 2 portions to be known as “the VAT payable portion” and “the VAT allowable portion”.
3
The VAT payable portion for each prescribed accounting period shall comprise—
a
a total of the output tax due from the taxable person for that period,
b
a total of the output tax due on acquisitions from other member States by the taxable person for that period,
F1ba
a total of the tax which the taxable person is required to account for and pay on behalf of the supplier,
c
every correction or adjustment to the VAT payable portion which is required or allowed by regulation 34, 35 F2, 38 or 38A, and
d
every adjustment to the amount of VAT payable by the taxable person for that period which is required, or allowed, by or under any Regulations made under the Act.
4
The VAT allowable portion for each prescribed period shall comprise—
a
a total of the input tax allowable to the taxable person for that period by virtue of section 26 of the Act,
b
a total of the input tax allowable in respect of acquisitions from other member States by the taxable person for that period by virtue of section 26 of the Act,
c
every correction or adjustment to the VAT allowable portion which is required or allowed by regulation 34, 35 or 38, and
d
every adjustment to the amount of input tax allowable to the taxable person for that period which is required, or allowed, by or under any Regulations made under the Act.