VAT Reporting Procedures for Issuing Zero-Rate Tax Invoices Before Receiving a Purchase Confirmation
No translation in your language yet — showing the English version
I have an inquiry regarding VAT reporting. We have issued a zero-rate tax invoice, but we have not yet received the Purchase Confirmation from our client. I understand that the zero-rate can be applied if the Purchase Confirmation is issued within 25 days after the end of the taxable period. However, since we have already issued the zero-rate tax invoice, we must prepare the 'Electronic Issuance Statement of Local L/C and Purchase Confirmation' for the 1st Period Interim Return. I would like to inquire if it is permissible to enter the information in the 1st Period Final Return if we fail to receive the Purchase Confirmation by the 25th.
Answer 1
- 0If a Local L/C (Purchase Confirmation) is issued retroactively (within 25 days after the end of the tax period), the method for issuing tax invoices is as follows: 1. If issued by the 10th day of the month following the month of supply: Issue one zero-rated tax invoice. 2. If issued after the 10th of the following month but within 25 days after the end of the tax period: Issue three tax invoices (10%, (-)10%, and zero-rated). Since you have not received the Purchase Confirmation as of now, there is no basis to issue a zero-rated tax invoice; therefore, your company must issue a standard tax invoice. As the zero-rated tax invoice already issued was incorrect, we believe it should be corrected by reissuing it as a standard tax invoice.Machine translated
Write an answer
0
Comments 0