How often must import VAT be posted?
Import VAT must be posted at least every reporting period, but most businesses will find it more natural to post per customs declaration, or after controlling the declaration overview against the declarations each month.
The VAT must be posted in the reporting period indicated by the clearance date. Example: If the customs declaration is dated April 30th, you must post the amounts in april, and report in the VAT return for the 2. reporting period.
Do constituent goods invoices have to refer to vouchers for import VAT in the accounts?
No, this is not a requirement.
Do constituent goods invoices have to refer to the customs declaration?
This is not a requirement in the accounts themselves, but it is a documentation requirement.
Do I need updates to the accounting system?
Yes, you will need an updated system version which is compatible with the new VAT return. If you do not have an updated version of the system, the output from your system will not correspond with the new form.
VAT codes and accounting accounts must be adapted. You may need new VAT codes and accounts in order to itemise the accounts correctly for the VAT return.
Contact your system supplier if you have any questions.
How do I post import VAT?
Output import VAT (VAT for payment)
The accounts must specify:
- The basis for calculating VAT when importing goods, broken down between the various tax rates.
- Basis linked to the importing of goods on which VAT is not to be levied.
This basis is not an accounting expense, but can be entered in the accounts in one of the following two ways:
- register in a blind account per tax rate
- register with a separate VAT code per tax rate
The transactions must be specified in the accounts in such a way that they can be linked to the items in the new VAT return.
The basis can be posted per customs declaration, per period or per term, but the calculation of the basis must be documented per customs declaration.
Input import VAT (VAT for deduction)
The basis for deductible input tax is split between domestic input VAT and import VAT. In the case of import VAT for which you have a deduction entitlement, it is the posted cost which must be shown in the specification.
Changing the tax basis
The other tax bases which have been allocated separated items in the tax return must also be shown separately. For example, purchases with reverse tax liability must be split between services purchased from abroad and domestic purchases of goods and services.
New version of GBS 9
The accounting standards board has updated "Statement on generally accepted bookkeeping practices (GBS) No. 9" (in Norwegian).
How should import VAT be documented?
- The customs declaration and sub-enclosures This is the main part of the documentation. In the case of goods on which VAT is not to be levied, the customs declaration and sub-enclosures will constitute sufficient documentation.
- Basis for calculating VAT and the VAT itself You must document the calculated basis for VAT when importing goods, as well as the calculated VAT. This documentation must show the basis and tax per tax rate for each customs declaration.