Czech VAT Ledgers update
- 26 April 2015 | Richard Asquith
The Czech General Finance Directive (GFD) has added further clarifications to plans to require companies to submit VAT Ledgers from 2016.
EU VAT Ledgers to end VAT returns
VAT Ledgers (or Books) is the term applied to electronic filings of all accounting records affected by VAT transactions. They can include: sales and purchase ledgers; as well as fixed asset and stock records. It is a long-term drive by EU tax authorities that company will submit these electronically on a real-time basis so that VAT transactions can be automatically tracked, and the VAT liabilities audited fully. Aside from providing tax authorities with more complete information, which can be more efficiently assessed by computer, it is also seen as a major long-term remedy to EU VAT fraud.
Presently, they have been imposed in: Slovakia, Estonia, Latvia, Slovenia and Slovakia.
Czech VAT Ledgers 2016
The Czech Republic plans to implement the requirement to submit VAT Ledgers from the start of 2016. The GFD has now presented a model ledger map, plus supporting guidance. The Ledgers will be required of all enterprises that have supplied taxable supplies in the Czech Republic, including under the reverse charge where the place of supply is within the Czech Republic. All ledgers must detail transaction by transaction, and be reconcilable to the normal VAT return.