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To perform an invoicing or issue and inbound or outbound document, the System must calculate Tax on Added Value (VAT) through binding with pre-registered data in Variable Taxes, in Types of Inflow and Outflow and in TIO x Tax Binding, according to tax calculation rule.

VAT withholding is considered by the System. Get to know form of calculation in Invoicing - VAT Withholding.

Types of Rate

Basically, conditions and rates foreseen by the law for this calculation are:

General (12%) fill out the field Type of Rate using the G-General option;
Additional (22%) fill out the field % Additional Rate (Variable Tax Register) and the field Type of Rate (TIO Register) with the A-Additional option;
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).

Tax on Added Value (VAT)/(IVC)

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 goods valued at 1000 (calculation base), fixed tax value is 120 (12% rate).

Note:

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

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

Check other comments on Manual Invoicing - Notes Venezuela.