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Net Asset Value: The return can be submitted in the VAT system

Net Asset Value: The return can be submitted in the VAT system

Net Asset Value: The return can be submitted in the VAT system

Since February 1, a VAT return can be filed in the VAT system via a web interface or machine-to-machine connection, the National Tax and Customs Office (NAV) told MTI on Tuesday.

This announcement draws attention to the fact that the tax office's data-based service package provides a useful solution for all companies to meet their tax obligations quickly and accurately. In addition to less administration than before, the new electronic VAT system is able to meet the data needs of the business management system.

Highlights: The most important functions of eVAT include downloading and editing source data, preparing draft acknowledgment on the web interface, pre-checking and submitting acknowledgment, as well as warning message about data discrepancies to users of machine-to-machine communication.

NAV introduced standard tax codes with VAT. These corresponding spoken tax codes identify the return lines associated with the receipt items. The important advantage is that VAT taxable persons who file their returns in electronic VAT do not have to submit data in Form M either.

The eÁFA web interface can be used by those who manage fewer than 100,000 invoices in a given declaration period, and in the event of more receipts, use of the system is ensured through a machine-to-machine connection, they said.

Monthly return holders can submit their returns in the VAT system until February 20, 2024, quarterly returns until April 22, 2024, and annual returns in 2025.

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