22. Calculation of VAT Payable on sales of goods predominantly to non-VAT dealers and consumers

(1) A VAT dealer selling goods liable to VAT shall maintain the records and calculate VAT payable in the following manner namely:-

(a) a separate record of all goods received, which are exempt or liable to VAT at any rate other than the standard rate;

(b) in the case of sales predominantly to non-VAT dealers and consumers, a daily record of the gross receipts of goods taxable at each tax rate and the value of exempt goods sold.

(c) the VAT due for payment shall be calculated by applying the tax fraction to the aggregate of daily gross receipts for the month at each tax rate. The total value of taxable sales for each tax rate shall be calculated by deducting the tax from the aggregate of daily gross receipts for each month.

(d) copies of any tax invoices issued to VAT dealers.