Value Added Tax
VAT Reporting and Other Requirements
Every company with a VAT number must submit VAT returns which include:
- Periodic submission of VAT declarations, reporting and justifying each transaction where the VAT number is involved (usually monthly, quarterly or half-yearly, depending on the Member State)
- Paying Value Added Tax (where applicable);
- VAT Refunds (if applicable);
- Annual VAT declaration.
Under certain circumstances additional reporting may be involved, for example Intrastat forms or EC Sales Lists (ECSL). EORI number registration also falls into the VAT scope of work and is required when dealing with export declarations.
VAT matters are complex. VAT rules vary from Member State to Member State. Almost everywhere in Europe, tax authorities are becoming more cautious not only about VAT registration applications but about the further use of VAT, especially concerning the application of VAT zero rates and VAT refunds.
Proper support by your tax adviser and cooperation with your accountant is vitally important when it comes to proper VAT maintenance. Contact us for details.