Do not forget the annual VAT reporting obligation!
Do not forget the annual VAT reporting obligation!
Similar to last year, VAT taxable persons with a limited right to deduct VAT must again provide detailed information with regard to the right to deduct VAT which they have incurred during the calendar year 2024. We refer to our earlier article on this matter. For VAT taxable persons who submit monthly VAT returns, this information must be shared in one of the first three VAT returns of this year, for quarterly VAT return filers, in the VAT return relating to the first quarter of this year. This deadline is approaching quickly!
Last year, the VAT administration announced extensive tolerances regarding this obligation. An extension of the deadline was announced, data could be shared based on estimates, and it was announced that the VAT authorities would adopt a 'lenient attitude' for clearly unintentional errors. So far, we have no indications that similar tolerances will be announced this year. Therefore, we expect the aforementioned deadlines to remain in place, unless notified otherwise.
Please note: we understand that the VAT administration will further scrutinize the exercised right of input VAT deduction based on the data received, so it is important to ensure that the correct data is shared. Do you have questions regarding this reporting obligation, or could you use some support? BDO has developed extensive expertise in this area, assisting various clients with the practical implications of this obligation. We are, of course, happy to assist you in this exercise.
Please contact our VAT experts for further assistance or guidance at btw-tva@bdo.be or directly to the following members of the VAT team:
Last year, the VAT administration announced extensive tolerances regarding this obligation. An extension of the deadline was announced, data could be shared based on estimates, and it was announced that the VAT authorities would adopt a 'lenient attitude' for clearly unintentional errors. So far, we have no indications that similar tolerances will be announced this year. Therefore, we expect the aforementioned deadlines to remain in place, unless notified otherwise.
Please note: we understand that the VAT administration will further scrutinize the exercised right of input VAT deduction based on the data received, so it is important to ensure that the correct data is shared. Do you have questions regarding this reporting obligation, or could you use some support? BDO has developed extensive expertise in this area, assisting various clients with the practical implications of this obligation. We are, of course, happy to assist you in this exercise.
Please contact our VAT experts for further assistance or guidance at btw-tva@bdo.be or directly to the following members of the VAT team: