S.L. 372.32 Art. 8Annual reconciliation of transactions and remittances.

(1) Every payor shall prepare an annual transaction reconciliation giving the details of the sales made during each year in respect of which he was the payor and the other particulars specified in Schedule F. The annual transaction reconciliation shall, unless the Commissioner otherwise approves in any particular case, be drawn up in such electronic format as would enable such detailed analysis as may be specified in guidelines, including an analysis of the price of sales and of the tax withheld on sales by reference to the vendor, the payor and the type of produce. The annual transaction reconciliation required to be furnished by a payor who is a licensed broker (pitkal) shall contain such further details and breakdowns as may be required by guidelines.

(2) Every payor shall also prepare an annual reconciliation of remittances giving the details of the deductions and remittances of tax made in respect of those sales and the other particulars specified in Schedule G.

(3) The annual transaction reconciliation and the annual reconciliation of remittances shall be furnished to the Commissioner by not later than the last working day of January of the year following that to which they refer.

(4) The obligation to furnish the annual transaction reconciliation and the annual reconciliation of remittances shall arise even when a payor has not made any deductions of tax or has no relevant transactions to report.

(5) A person whose registration as a payor is cancelled shall furnish an annual transaction reconciliation and an annual reconciliation of remittances as aforesaid covering the period of the respective calendar year up to the month during which he issued the last purchase note as a payor.