Value Added Tax

This topic describes how to set up Costpoint to process value added tax (VAT) and how to print data for lines 2, 8, and 9 on the Value Added Tax Report (Print Manage Sales or Value Added Taxes Report screen).  

Lines 2, 8, and 9 are defined as follows:

• Line 2: The VAT due in this period on acquisitions from other European Union (EU) member states. This is the recoverable tax amount on any vouchers where:
  • The first two characters of the voucher's VAT tax ID do not match the first two characters of the reporting tax ID.

    And

  • The first two characters of the voucher's VAT tax ID match an EU country code from the Manage European Union Counties screen.
• Line 8: The total value of all supplies of goods and related services, excluding any VAT to other EU member states. The is the invoice amount on any bills (customer product, project product, manual, milestone, standard, or sales order) where:
  • The first two characters of the bill's VAT tax ID do not match the first two characters of the reporting Tax ID.

    And

  • The first two characters of the bill's VAT tax ID match an EU country code from the Manage European Union Counties screen.  The tax return flag in this case must be set to N.
• Line 9: The total value of all acquisitions of goods and related services excluding any VAT from other EU member states. This is the cost amount on any vouchers where:
  • The first two characters of the voucher's VAT tax ID do not match the first two characters of the reporting Tax ID.

    And

  • The first two characters of the voucher's VAT tax ID match an EU country code from the Manage European Union Counties screen.