As the next step in digital taxation, the tax authority built a system that compiles a draft VAT return from the data of incoming and outgoing invoices. The aim is simpler and more accurate administration for businesses.
In practice the accountant starts from the data prepared by the tax authority, compares it with their own records and corrects it where necessary. Manual data entry decreases and the scope for error narrows.
Responsibility, however, remains with the business. The draft must always be checked, since the system only works from the data available to it. If an invoice is missing or incorrectly issued, the draft will be wrong too. For our clients this change is a tangible advantage: with our digital processes, checking the draft is fast and transparent.
This article is based on the legislation in force on the day of publication and provides general information. Please consult us before making a specific decision.
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