VAT-Invoices

VAT-INVOICES

A VAT-invoice is the document used as the basis for input VAT recovery

SALES LEDGER

A sales ledger is required to determine VAT amounts for each operation subject to VAT and to register VAT-invoices in it (for retail trade � to register copies of cash receipts).

PURCHASE LEDGER

A purchase ledger is required to register VAT-invoices issued by sellers and to determine VAT amounts subject to recovery.
VAT for goods (work, services) paid and entered into books may be deducted providing that the purchase ledger contains corresponding VAT-invoices and due notes.
VAT invoices received from sellers are registered in the purchase ledger in chronological sequence, after goods (work, services) are paid for and entered into books.

Procedure of drawing up VAT-invoices

A VAT-invoice is to be issued within five days after goods are shipped (work performed, services rendered).
With regard to sales of VAT-exempt goods (works, services) or operations of VAT-exempt persons, a VAT-invoice is issued with no tax amount itemised and stamped "VAT-free".
Otherwise, in case VAT is itemised by mistake, the issuer of invoice should pay the indicated VAT amount to budget.
For payments in foreign currency, a VAT-invoice may also be issued in foreign currency.

Contents / VAT-Invoices

VAT-INVOICES

SALES LEDGER

PURCHASE LEDGER