VAT and GST Reporting Overview

Important:

International Tax Reports SuiteApp is not compatible with the SuiteTax feature. If the SuiteTax feature is enabled in your NetSuite account, please do not 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 is important that your NetSuite account has the correct settings for tax so that NetSuite can track taxes and generate correct figures for the tax reports. Also important are the VAT/GST registration numbers of your subsidiaries, customers, and vendors.

On your item and transaction records, you must provide complete and correct data that are needed on the tax reports. The International Tax Reports SuiteApp provides additional data fields necessary for the various tax reports.

If you are a VAT-registered business, and you sell or move goods to other VAT-registered businesses within the European Union (EU), you must 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 are required 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 either your Arrivals (goods acquired from suppliers in other EU member states) or Dispatches (goods supplied to customers in other EU member states) exceeds the threshold for the calendar year, you must provide details on a monthly basis by submitting Supplementary Declarations to the Intrastat system.

Each EU member state 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:

Related Topics:

General Notices