When it comes to taxes, there are a few requirements you should be aware of. VAT, or Value Added Tax, is a type of tax that applies to certain goods and services. There is also Import VAT, which applies when goods are brought into a country from another.
In terms of paperwork, you may need to keep VAT/Tax Books, which include the EU Sales Listing (VIES) and Intrastat Listing. These help you keep track of your transactions and report them accurately.
There may also be some other requirements, such as partly non-deductible input VAT, which means you can’t claim back all the VAT you pay on certain expenses. It’s important to stay on top of these requirements to avoid any issues down the line.
In terms of business practices, electronic payments to vendors and direct debits from customers are common. Additionally, electronic invoicing may be mandatory for government invoices.
It’s worth noting that some requirements, such as documentation of transactions and periodic reporting of VAT totals, are not listed here as they may vary depending on the country and its specific legislation.
