An official periodic report to be submitted to the tax authorities in Europe.
The rules and deadlines for submitting the VAT report vary from country to country.
Of the Value added tax report (VAT report) in SAP Business One is a tool for accurately calculating a company's VAT liabilities and reporting them to the tax office.
Important functions of the VAT report
- Calculation of sales tax: The report summarises tax-relevant transactions for a defined period and calculates the VAT payable or deductible.
- Flexible reporting period: Reports can be created for different periods, such as monthly, quarterly or annually.
- Consideration of tax codes: All of the functions defined in SAP Business One tax code are taken into account in the report.
- Filter options: The report can be filtered according to criteria such as business partner, article or tax code to enable targeted analyses.
- Detailed information: The tax amount, assessment basis and tax code are clearly displayed for each transaction.
- Basis for the advance sales tax return: The VAT report is used to prepare the Advance turnover tax returnwhich is transmitted to the tax office.
- Test function: SAP Business One offers an integrated check function to ensure that the VAT calculation is correct.
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