How to calculate VAT when importing goods
Posted: Sun Jan 19, 2025 4:47 am
VAT on import and export of services: rate, how to calculate and pay
Value Added Tax, or VAT, is one of the most common and at the same time difficult to calculate taxes. How to correctly calculate and pay VAT to avoid fines and optimize expenses?
In this article, Natalia Grebneva, head of the uruguay whatsapp number data separate division of Pravocard in Vladimir, analyzed the key points that will help you confidently cope with tax obligations.
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Content:
What is VAT
When VAT is charged and when it is not charged
Tax rate
Import VAT
How to pay VAT when importing goods from the EAEU
Export VAT
How to issue an invoice to a buyer for payment of goods
How to pay VAT when exporting goods from the EAEU
How to report to the tax office and get back the VAT paid
Examples of tax rate calculation
Select a current account at Alfa-Bank - opening and servicing an account for free
What is VAT
VAT (Value Added Tax) is a tax that is levied by the government on most goods and services at every stage of their production and sale.
For example, a manufacturer, a wholesaler, and a retail store add VAT to the price of a product when it is sold. In this case, the tax itself is calculated on the added value. Let's explain what we mean with an example.
A wholesaler bought a machine from a supplier for 1,000,000 rubles, and wants to sell it for 1,500,000. If the equipment supplier is also a VAT payer, the wholesaler will have to pay tax only on its markup, that is, on 500,000 rubles. This means that for the next buyer in the chain (for example, for a retail chain), the price of the machine will be 1,500,000 + 100,000, that is, 1,600,000 rubles.
Value Added Tax, or VAT, is one of the most common and at the same time difficult to calculate taxes. How to correctly calculate and pay VAT to avoid fines and optimize expenses?
In this article, Natalia Grebneva, head of the uruguay whatsapp number data separate division of Pravocard in Vladimir, analyzed the key points that will help you confidently cope with tax obligations.
Subscribe to RB.RU in Telegram
Content:
What is VAT
When VAT is charged and when it is not charged
Tax rate
Import VAT
How to pay VAT when importing goods from the EAEU
Export VAT
How to issue an invoice to a buyer for payment of goods
How to pay VAT when exporting goods from the EAEU
How to report to the tax office and get back the VAT paid
Examples of tax rate calculation
Select a current account at Alfa-Bank - opening and servicing an account for free
What is VAT
VAT (Value Added Tax) is a tax that is levied by the government on most goods and services at every stage of their production and sale.
For example, a manufacturer, a wholesaler, and a retail store add VAT to the price of a product when it is sold. In this case, the tax itself is calculated on the added value. Let's explain what we mean with an example.
A wholesaler bought a machine from a supplier for 1,000,000 rubles, and wants to sell it for 1,500,000. If the equipment supplier is also a VAT payer, the wholesaler will have to pay tax only on its markup, that is, on 500,000 rubles. This means that for the next buyer in the chain (for example, for a retail chain), the price of the machine will be 1,500,000 + 100,000, that is, 1,600,000 rubles.