VAT and GST Reporting Overview
International Tax Reports SuiteApp isn't compatible with the SuiteTax feature. If the SuiteTax feature is enabled in your NetSuite account, don't install this SuiteApp.
You can use NetSuite to generate VAT or GST reports, Intrastat reports, and EU sales list reports. These features are provided by the NetSuite International Tax Reports SuiteApp. (SuiteApps are also known as bundles.)
VAT or GST applies in many countries and each country has its own system, rules, tax rates, and reporting requirements. In some countries, VAT grouping is allowed by the taxation authority. The International Tax Reports SuiteApp can generate reports for VAT groups.
VAT/GST reports are based on your transaction records. It's important that your account has the right settings for tax so that NetSuite can track taxes and generate correct figures for the tax reports. You'll also need the VAT/GST registration numbers of your subsidiaries, customers, and vendors.
On your item and transaction records, make sure you enter all the data needed for tax reports. The International Tax Reports SuiteApp provides additional data fields necessary for the various tax reports.
If you're a VAT-registered business and you sell or move goods to other VAT-registered businesses within the European Union (EU), you'll need to record and report data on your activities using Intrastat and the EU Sales List (ESL).
VAT-registered EU businesses that trade in goods with other EU member states have to submit Intrastat reports. Intrastat monitors trade between EU member states. Movements of goods between EU member states are called Arrivals (acquisitions, purchases or imports) and Dispatches (removals, sales or exports).
If your business trade goods within the EU and the value of your Arrivals (goods acquired from suppliers in other EU member states) or Dispatches (goods supplied to customers in other EU member states) goes over the yearly threshold, you'll need to submit Supplementary Declarations to Intrastat on a monthly basis.
Each EU country has its own threshold beyond which Intrastat Supplementary Declaration reporting becomes compulsory. Review the requirements of your country to determine whether this report is required for your tax agency. Thresholds may change as they are reviewed annually.
VAT-registered businesses that supply goods to other VAT-registered businesses in the EU must provide details of the transactions on the ESL. VAT-registered businesses supplying services that are subject to the reverse charge mechanism to VAT-registered businesses in the EU must also submit ESL declarations.
To understand and use the VAT/GST reporting features, read the following topics: