Tax Group Transactions
There ar multiple members in tax group and each member has few Dewa account and Telephone numbers under their own name and invoices received. Due to central control and inherented procedures, input recovery of all members recorded in reprsentative member books of account for Dewa and Telephone while cost shared between mambers.
What are risk associated although all members having the same TRN? Ideally it should be in the members books.
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From an accounting perspective expenses should be in the books of respective members which can be then shared to other members/representative member. From VAT perspective since they are a tax group there is only one VAT return and any supplies made/received by members is deemed to be done by the representative member itself. Hence it should not be an issue. Any questions that may arise on the accounting/correct recording can be explained of as practical expediency.
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