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The sales order is an essential tool for a company's invoicing, as it registers business operations of products and services. Then, a sale is confirmed and the relationship with the customer is formalized.

Complying with the Venezuelan Law, the system must calculate the Tax on Aggregated Value (TAV) by binding pre-registered information in Variable Taxes, in Types of Inflow and Outflow and TIO x Tax binding, obeying the tax calculation rule.

The VAT withholding is included by the System, get to know the calculation process in help IVA Withholding - Invoicing.

Rate Type

Basically, the conditions and rates estimated in law for this calculation are:

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

The Aggregated Tax can still be classified IVA Highlighted (IVA) and IVA Included (IVC).

Value Added Tax (VAT/IVC)

Calculation rules:

Calculation Base: Goods or Services Value - Discounts.

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

IVA/IVC: Calculation x Rate Base.

IVA Highlighted (IVA) - In this case, use formula:

Product value/(1+(rate/100).

IVA Included (IVC) - In this case, for product worth 1000 (calculation base), the fixed tax value is 120 (rate 12%).

Note:

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

The tax value and the invoice total contain decimals calculated by the system.

See Also

Manual Invoicing - Venezuela Notes