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VAT reports

In some countries, Value Added Tax (also known as Value Added Tax) is levied on the sale/purchase of certain goods and services. In general, it can be defined as a consumption tax estimated and levied based on value added. Typically, VAT is considered destination dependent as the application of VAT depends on the jurisdiction of the seller and buyer. It should be noted that VAT accounts for almost 20% of the total amount of tax collected worldwide.

Whenever you decide to do business in the EU, you are surely faced with the question of registering a VAT number. VAT issues are complex. Nonetheless, all EU member states follow the EU VAT Directive, so each EU country has developed its own legislation for VAT requirements and reporting.

Once the company is registered for a VAT number, it has to regularly submit its VAT report, which contains information about the incoming and outgoing invoices, regardless of whether they were issued/received from other EU counterparties or non-EU partners or not . Most importantly, all transactions must be included in the VAT report, including invoices that have 0% VAT applied.