date<\/strong> on which the credit note was issued;<\/p>\n
\n(v) either\u2014
\n(aa) the amount by which the value of the said supply shown on the tax invoice has been reduced and the amount of the excess tax; or
\n(bb) where the tax charged in respect of the supply is calculated by applying the tax fraction to the consideration, the amount by which the consideration has been reduced and either the amount of the excess tax or a statement that the reduction includes an amount of tax and the rate of the tax included;<\/p>\n
\n(vi) a brief explanation of the circumstances giving rise to the issuing of the credit note;<\/p>\n
\n(vii) information sufficient to identify the transaction to which the credit note refers;<\/p>\n
\n(b) the actual tax charged in respect of the supply concerned exceeds the tax shown on the tax invoice as charged, the supplier shall provide the recipient with a debit note, containing the following particulars:
\n(i) The words \u201cdebit note\u201d in a prominent place;
\n(ii) the name, address and VAT registration number of the vendor;
\n(iii) the name, address and, where the recipient is a registered vendor, the VAT registration number of the recipient, except where the debit note relates to a supply of goods in respect of which a tax invoice contemplated in section 20 (5) was issued;<\/p>\n
\n(iv) the date on which the debit note was issued;<\/p>\n
\n(v) either\u2014
\n(aa) the amount by which the value of the said supply shown on the tax invoice has been increased and the amount of the additional tax; or
\n(bb) where the tax charged in respect of the supply is calculated by applying the tax fraction to the consideration, the amount by which the consideration has been increased and either the amount of the additional tax or a statement that the increase includes an amount of tax and the rate of the tax included;<\/p>\n
\n(vi) a brief explanation of the circumstances giving rise to the issuing of the debit note;<\/p>\n
\n(vii) information sufficient to identify the transaction to which the debit note refers:<\/p>\n
\nProvided that\u2014
\n(A) it shall not be lawful to issue more than one credit note or debit note for the amount of the excess;
\n(B) if any registered vendor claims to have lost the original credit note or debit note, the supplier or recipient, as the case may be, may provide a copy clearly marked \u201ccopy\u201d;
\n(C) a supplier shall not be required to provide a recipient with a credit note contemplated in paragraph (a) of this subsection in any case where and to the extent that the amount of the excess referred to in that paragraph arises as a result of the recipient taking up a prompt payment discount offered by the supplier if the terms of the prompt payment discount offer are clearly stated on the face of the tax invoice.<\/p>\n
\nDid you just get VAT registered and you need someone to configure your accounting system for VAT<\/strong>?<\/p>\n <\/p>\n
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