VAT Rate

Setting up the VAT rate enables the automatic calculation of VAT elements in the Treasury Budget.

You need to define a VAT rate for each budget code.

For example, you can create two VAT rates, one of 5.5%, the other of 19.6%, to apply them to sold or purchased products in compliance with the current law.

  1. In the Modules Tasks pane, select the Setup module from the accordion tab.
    The tasks of the module are displayed in this pane.
  2. Select the Setup VAT option in the Setup file of this module.
    The VAT page is displayed with the list of the set up VAT rates in a table. The table specifies the code and description of each VAT rate.

For more information on:

  • Reorganization of the lines display in the table, click here
  • how to search text in the table, click here
  • how to create lines, see the topic below,
  • modifying lines in the table, click here
  • deleting lines in the table, click here

You can change the layout of the table: columns display, filtering on selection criteria, lines grouping according to criteria, etc. For more information on this feature, see topic Table Reorganization.

  1. Click the Create button.

The creation page is displayed.

  1. In the VAT Code area, enter a unique code and a description for the VAT rate.
  2. In the VAT Rate area, click the Add Rate button.

A line is automatically added to the list of VAT values with today's date as the start date.

  1. If necessary, change the start date of the value application in the Rate Date column.
  2. Enter a rate value between 0 and 100 in the Rate Value column.

For a same VAT rate, you can define different values for different periods: for example, a VAT rate of 19.6% as from 1/1/2010 and a rate of 19.7% as from 12/31/2012.

  1. To add another rate value, click the Add Rate button again and repeat the previous steps.

To delete a rate value, click the Delete button.

  1. Click the following buttons, as needed:
  • Apply to save the setup of the VAT rate and create another one
  • OK to save the setup of the VAT rate and go back to the list of the set up VAT rates
  • Cancel to cancel the setup of the VAT rate