How to Prepare for VAT Transactions Reports

You must submit periodic reports to the tax authorities to list all transactions that include VAT. The tax authority establishes the thresholds at which reporting is required. Currently, the threshold is set at zero, meaning that all transactions are to be reported. To prepare for these reports, you must set up VAT posting to include VAT transaction report amounts.

To set up VAT transaction amounts

  1. Choose the Search for Page or Report icon, enter VAT Posting Setup, and then choose the related link.
  2. Choose the VAT Transaction Report Amount action.

  3. Fill in the fields as described in the following table.

    Field Description
    Individual Person Select if this customer is an individual person.
    Resident Specify if the customer is a resident in Italy.

    If a customer is not a resident, you must also specify a tax representative on the Foreign Trade FastTab.
    First Name Specifies the first name of the person.
    Last Name Specifies the last name of the person.
    Date of Birth Specifies the date of birth of the person.
    Place of Birth Specifies the place of birth of the person.

  4. If the customer is not resident in Italy and is not an individual person, you must specify a tax representative for the customer.

    NOTE

    Before you can specify a tax representative, you must have created the tax representative as a contact.

To specify a tax representative for a non-resident customer

  1. Choose the Search for Page or Report icon, enter Customers, and then choose the related link.
  2. Select a customer.

  3. On the Foreign Trade FastTab, fill in the fields as described in the following table.

    Field Description
    Tax Representative Type Specifies if the tax representative is a customer or a contact. You must set this field to Contact.
    Tax Representative No. Specify the contact that is the tax representative for this customer.

    You have set up information so that Business Central will track new transactions with VAT that meet the thresholds that are specified by the tax authorities. Before you create the first VAT transaction report, you should prepare the existing data. For more information, see Update VAT Transactions Data. You can then create VAT transactions reports. For more information, see Create Electronic VAT Transactions Reports.

See Also

Update VAT Transactions Data
Create Electronic VAT Transactions Reports
Italian VAT


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