Automate VAT Relief for Importation

Currently, we are able to produce VAT Relief file for Sales and Purchases, which includes purchase of goods, services, and capital goods.

However, there is another portion in the purchase (input tax) section of the VAT form -- that is the VAT on Importation of Goods.

We added an additional VAT tax rate in Xero, VAT on Purchases (Importation of Goods) and also another tab in the Sources section of the VAT return to show all the transactions that used this code.

Finally, JuanTax will automate the creation of the VAT Relief file for Importation. Thus, completing all the VAT Relief file requirements - Sales, Purchases, Importation.

Disposal of Capital Goods in Excess of ₽1M with Excess Input Tax Unamortized

The input tax imposed on capital goods that exceeds 1M cannot be claimed entirely during its month of purchase. It has to spread over useful life or 60 months, whichever is shorter.

But what if the associated capital goods was subsequently sold, disposed, destroyed?

Since JuanTax automates amortization, we needed to provide a way to automate full amortization on the month the capital goods was disposed.


Did this answer your question?