How to post
You must post the VAT The VAT basis which you calculated in the account, so that you can report it in the tax return for VAT.
You can post this on a separate account with an offset account, so that it is cancelled out in your accounts. You can also post the VAT basis as a debit and credit on a result account under a VAT code.
You must post import VAT in the balance sheet. You need separate balance accounts for this, as it must be specified under separate items in the VAT return.
You can post on either an ongoing basis or collectively per month. You must document the calculation of the basis and the duty for each VAT rate per customs declaration.
In order to know which account you should post it on, you must know
How often must import value added tax be posted?
Import VAT must be posted at least every period, but most enterprises will find it more natural to post per customs declaration, or after the declaration overview each month.
You must post during the period under which the shipping date on the customs declaration belongs. Example: If the customs declaration has a shipping date of 30 April, you must post in April and report via the tax return for VAT for the second period.
If you have an accounting system, you must ensure that it is updated with new VAT codes and accounts.
If you do not have an accounting system, you must create the necessary accounts in your accounts yourself. Use the tax return for VAT as a basis to see how you should specify the VAT basis and the tax.
Input import value added tax (VAT for deduction)
The basis for deductible input tax covers 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.
You must document the following:
- The customs declaration and sub-vouchers. 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-vouchers will constitute sufficient documentation.
- Basis for calculating value added tax 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.
It is not a requirement that incoming goods invoices must refer to vouchers for import VAT in the accounts. It is also not a requirement that incoming goods invoices must refer to the customs declaration, but you must be able to document this.