Market monitoring by Tax Office (IRD)

To keep your business secure and well-organized, understand the actual status of your transactions, and avoid unnecessary fines during market monitoring, the following actions must be taken:

1. The PAN (Permanent Account Number) card must be displayed in a visible place.

2. The tax plate (Green, Yellow, or White) must be placed where it is clearly visible.

3. The firm's official stamp must be kept at the business premises.

4. Whether registered under Income Tax or VAT, maintaining a self-certified purchase and sales record is mandatory.

5. If involved in excise-related transactions, a valid license must be obtained.

6. Purchase and sales records must be updated daily.

7. Issuing invoices regularly with transactions is mandatory.

8. Purchase and sales invoices must be securely stored at the business location.

9. All business-related documents and proofs must be safely kept.

10. The identity card (ID) of the monitoring officer must be checked during an inspection.

By following these guidelines, businesses can operate smoothly and comply with tax regulations.