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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 that is estimated and levied based on value added. Normally VAT is considered to be destination based as the application of VAT depends on the jurisdiction of the seller and the buyer. It must be noted that VAT accounts for almost 20% of the total amount of tax levied worldwide.

Whenever you decide to do business in the EU, you will surely face the question of VAT number registration. VAT issues are complex. Nonetheless, all EU member states follow the EU VAT Directive, therefore each EU country has drawn up its own legislation regarding VAT requirements and reporting.

Once the company is registered for the 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 declared in the VAT report, including invoices that have 0% VAT applied.