Tax Invoices and Credit Notes
Statutory Basis: Value Added Tax Act, 2014, s. 41(3), s. 54, and s. 55
What statute says
Value Added Tax Act, 2014, s. 54 governs VAT invoices and VAT sales receipts, and Value Added Tax Act, 2014, s. 55 governs tax credit notes and tax debit notes. Those document-level duties sit alongside Value Added Tax Act, 2014, s. 41(3), which reinforces the record-keeping evidence needed to support input-tax deduction and output-tax accuracy.
The legal principle is traceability: every VAT adjustment should point back to the original transaction and preserve an auditable record of why the amount changed.
What platform does
CoralLedger Comply stores transaction records with invoice references and supports manual or imported entry pathways. For post-sale adjustments, the Credit Notes workflow ties each note to the original transaction, tracks status, and carries the VAT effect into the selected return period.
Audit logging records who created, issued, voided, or applied a credit note. This creates a clear chain from original sale to VAT adjustment, which is useful in audits and internal review.
Customer responsibility
Your team must issue legally compliant invoices and credit notes, attach the right business evidence, and ensure adjustment reasons are accurate. Comply can structure and track the data, but it cannot verify whether your external invoice documents satisfy all statutory wording or format requirements.
You are also responsible for period correctness: credit notes should be applied to the proper return period based on statutory treatment and your advisor's guidance.