What records and books of accounts must be maintained for VAT?

The following should be maintained for VAT purposes:

• Original tax invoices received by the taxpayer
• Copies of tax invoices, credit and debit notes issued by the taxpayer 
• Accounting books containing the transactions in chronological order 
• Balance sheet
• Profit and Loss account 
• Records of payroll
• Records of fixed assets 
• Inventory records for each tax period 
• Customs documents for import and export transactions carried out by the taxpayer
• Additional records (if any) prescribed by NBR