In Germany, it is obligatory for all businesses to pay value added tax (input tax). According to the German Value Added Tax Act (UStG), the entrepreneur must pay the amounts thus collected to the tax office.
Many businesses have to submit an advance return for turnover tax on a monthly or quarterly basis. With this, they show, among other things, the VAT already paid and have to pay it to the tax authorities. If applicable, they receive a refund through this process if there is an input tax surplus.
Incoming invoice processing (ERV) in trend
Manually entering and processing paper-based invoices is a time-consuming and costly process in accounts payable...
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What IT companies should consider when converting VAT
The fact that the upcoming conversion of VAT will not be as easy for companies to handle as it was announced should ...
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Accounting explained: Sales tax pre-registration
Every company in Germany is liable for VAT. This means that it must pay the tax levied on sales to the tax office ...
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Accounting for Beginners: The "To Do" List
Accounting. Sooner or later, it becomes part of every company, no matter how small, but it still rather belongs on the list, ...
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