đ§ Corporate English : VAT Officer & GM (Finance & Accounts) Conversations
VAT Officer: Good morning. I’ve noticed some discrepancies in your VAT returns for the last quarter. Could you explain the variations in reported input and output VAT?
GM (Finance & Accounts): Good morning. We’ve reviewed the returns internally. The variation is due to delayed supplier invoices that were accounted for in the next period. We can provide detailed records if needed.
VAT Officer: I see. However, the delay in proper reporting could lead to penalties. Have you considered adjusting your internal processes to avoid such issues?
GM (Finance & Accounts): Yes, we’ve introduced a stricter timeline for invoice submission and reconciliation. Starting next month, all supplier invoices will be accounted for before the 25th of each month.
VAT Officer: That’s a good step. Additionally, we noticed inconsistencies in the VAT paid on capital goods. Could you clarify this?
GM (Finance & Accounts): Certainly. The issue arose because some capital goods invoices were mistakenly categorized as operational expenses. We’ve corrected the entries in our books and will reflect the changes in the next return.
VAT Officer: Understood. Please ensure the corrections are made before the next audit. Speaking of audits, have you completed the reconciliation for the last fiscal year?
GM (Finance & Accounts): Yes, the reconciliation is complete. I’ll share the audit report by the end of this week. Let me know if there’s anything specific you need.
VAT Officer: Thank you. Lastly, are there any pending VAT payments for the current period?
GM (Finance & Accounts): No pending payments. All dues have been cleared, and the payment records have been uploaded to the VAT portal.
VAT Officer: That’s good to hear. I appreciate your cooperation. Let’s stay in touch for any future clarifications.
GM (Finance & Accounts): Thank you. We’ll ensure compliance and keep you updated. Have a great day!
