Exibir origem

Purchase Order is an essential tool for a company's invoicing, as it registers commercial operations of products and services. as of it a sales is confirmed and through it customer relation is settled.

In order to meet the Venezuelan Legislation, the System calculates Tax on Added Value (VAT/IVC) through binding with pre-registered data in Variable Taxes, in Types of Inflow and Outflow and in TIO x Tax Binding, under tax calculation rule.

Additionally to calculating VAT, it is also possible to calculate:

VAT Withholding. Check procedures for this calculation in VAT Withholding - Inbound Invoice help.
IT Withholding. Check procedures for this calculation in IT Withholding - Inbound Invoice help.

Types of Rate

Basically, terms and rates foreseen by the lay for this calculation are:

General (12%) fill out the Type of Rate field with the option G-General;
Additional (22%) fill out the following fields with the A - Additional option: % Additional Rate (Variable Tax Register) and Type of Rate (TIO Register);
Reduced (8%) fill out the field % Reduced Rate (Variable Tax Register) and the field Type of Rate (TIO Register) with the R-Reduced option;
Export (0%);
Exempt.

Tax on Added Value can still be classified as Highlighted VAT (VAT) and Added VAT (IVC).

Added Value Tax (VAT)/(IVC)

Get to know calculation rules:

Calculation Base: Goods or Services Value - Discounts.

Rate: Rate entered in Product Register or in Variable Tax Register.

VAT/IVC: Calculation Base x Rate.

. Highlighted VAT (VAT) - In this case, the following formula is used:

Good Value/(1+(rate/100).

. Added VAT (IVC) - In this case, for the good valued at 1000 (calculation base), fixed tax value is 120 (12% rate).

Note:

Freights, expenses and insurance in the invoice are entered as items/services on a detached document. In this new document, VAT or IVC are normally calculated according to calculation rules.

Tax value and invoice total will present decimal parts calculated by the System.

See Also

Manual Invoicing - Venezuela