If my company's tax period changes, how do I calculate the information for VAT relief?
The company's accounting period in accordance with the Accounting Act is 1 February 2023–31 January 2024. The company's VAT period was previously a calendar year, but starting 1 October 2023, it is a month.
File a VAT return for 1 January–30 September 2023, and report the VAT relief information for this period. In the VAT relief calculator, enter 9 to indicate the length of the accounting period in months. The calculator adjusts the net sales of the accounting period to correspond to the net sales of a 12-month accounting period.
Starting October, the company will file its VAT returns on a monthly basis. Report the information for VAT relief for 1 October 2023–31 January 2024 on the VAT return for the last month of the accounting period, i.e. January 2024. In the VAT relief calculator, enter 4 to indicate the length of the accounting period in months. The calculator adjusts the net sales of the accounting period to correspond to the net sales of a 12-month accounting period.