Article 62 - Basis of Input Tax adjustment before VAT registration date

A. A Taxable Person shall deduct the deductible Input Tax in accordance with the provisions of Article 61 of these Regulations on his Tax Return for the first Tax Period after registration.

B. For the purposes of applying Paragraph A of this Article, a Taxable Person shall provide the Bureau with a list enabling it to determine the deductible Tax value on the relevant purchases in addition to the following:

1. An inventory of the stock of the Goods and raw materials available to him at the effective date of his registration setting out the nature, quantity and value of the stock of Goods and raw materials in detail, the date of purchase of each part, and the amount of the input Tax paid thereon.

2. An inventory of all the Capital Assets in his possession on the effective date of registration setting out their detailed description, the date of purchase of each part, and the amount of the Tax paid for each transaction.

3. Copies of Tax invoices issued by the Supplier of Goods and Services acquired.

4. Customs declarations for imports.

C. The Bureau may carry out appropriate supervisory procedures to verify the accuracy of the inventory and asset data, on a case by case basis, and may request the Taxable Person to provide access to the necessary documents to verify the accuracy of the information provided by him.