New vat form 002

You're referring to the new VAT Form 002!

The new VAT Form 002 is a revised version of the Value-Added Tax (VAT) return form introduced by the Kenya Revenue Authority (KRA) in 2020. The new form is designed to simplify the VAT filing process and reduce errors.

Here are some key changes and features of the new VAT Form 002:

Changes:

  1. Simplified layout: The new form has a more organized and user-friendly layout, making it easier to complete and submit.
  2. Reduced number of sections: The new form has fewer sections, which reduces the complexity and makes it easier to complete.
  3. Automated calculations: The form includes automated calculations for VAT payable, VAT recoverable, and net VAT payable, reducing the risk of errors.
  4. Additional fields: The new form includes additional fields to capture more detailed information, such as the VAT registration number and the date of filing.

Key sections:

  1. Identification: This section requires the taxpayer to provide their VAT registration number, name, and address.
  2. VAT transactions: This section captures the taxpayer's VAT transactions, including sales, purchases, and imports.
  3. VAT payable: This section calculates the VAT payable based on the taxpayer's sales and imports.
  4. VAT recoverable: This section calculates the VAT recoverable based on the taxpayer's purchases and exports.
  5. Net VAT payable: This section calculates the net VAT payable, which is the difference between VAT payable and VAT recoverable.
  6. Payment details: This section requires the taxpayer to provide payment details, including the payment method and date.

Tips for completing the new VAT Form 002:

  1. Ensure accurate calculations: Double-check your calculations to ensure accuracy and avoid errors.
  2. Use the automated calculations: Take advantage of the automated calculations to reduce errors and save time.
  3. Keep records: Keep accurate records of your VAT transactions and calculations to support your return.
  4. File on time: File your VAT return on time to avoid penalties and interest.

Remember to consult the KRA website or seek professional advice if you have any questions or concerns about completing the new VAT Form 002.