• Inland Revenue Division : NOTICE TO BUSINESS

Inland Revenue Division : NOTICE TO BUSINESS

Town Ground

Free

Type : Notice
Date : May 18, 2021
Condition : New
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Description

IRD

IMPROVING THE LIFE OF SOLOMON ISLANDERS

Inland Revenue Division Solomon Islands

NOTICE TO BUSINESSES

COMMISSIONER OF INLAND REVENUE DIRECTIVE TO ALL FORMAL WHOLESALE AND RETAIL BUSINESS TO USE A CASH REGISTER, OR AN OPTION OF USING

AN EFTOPOS OR POINT OF SALE (POS) MACHINE.

As Commissioner of Inland Revenue, in exercise of the powers given to me by the Income Tax Act (CAP 123) and the sales Tax Act Cap 125, I today give notice that all formal retail business, being those businesses whose annual sales is more than $600,00SBD, selling goods or providing services to the public are required to install a CASH REGISTER in their shops.
The use of a calculator as commonly used by these businesses is not an adequate record as no written record is produced.
The only adequate records are written records either physical such as cash books, ledger, journals or electronic such as those produced by a cash register, or a EFTPOS or a Point of Sale (POS) machine.
Businesses are required to keep the rolls of tapes from the cash registers for a period of 3 months and may dispose of them after three months provided that the wholesale and retail business has reconciled the totals on the tapes with actual cash sales and banking’s for that period of 3 months and may dispose of them after three months provided that the wholesale and retail business has reconciled the totals on the tapes with actual cash sales and banking for that period in cash book. The cash book or other financial records (ledgers, journals, etc) must be kept for seven (7) years.

For those businesses who currently do not have either a CASH REGISTER, EFTPOS or POS machine, you have until the end  of July 2021 to install one and commence using them.

It is important that if you do not have a CASH REGISTER or POS machine that you order it now to give you adequate time to have it delivered and to train your staff as to how to use it. For an EFPTOS machine, you need to consult with the bank if you want to install one. At the moment an EFTPOS or POS machine is optional, but will be mandatory in the very near future.
After this time, that is, after July, tax auditors will be doing spot checks to check that the tapes or receipts have been kept and those businesses not using a cash register or Electronic machine or having the tapes will be penalized in accordance with the law.

The measures taken are part of the ongoing tax reforms IRD is currently implementing and to ensure proper compliance by business houses in preparation for when value added tax (VAT) is introduced. It should also to be noted that, IRD is continuing to improve its electronic recording system, so the measure taken now are part of the overall reforms in the administration of tax and ensuring compliance.
This notice is effective to all wholesale and retail businesses in Honiara and the provincial centers.

If you have any queries feel free to call Hitchen Daura on 21552; or email: HDauara@mof.gov.sb; or call Melanie Wate on 24624 or email mwate@mof.gov.sb
Joseph Dokekana

Commissioner IRD

Mention classified.islesmedia.net when calling seller to get a good deal

 

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