Value Added Tax (VAT) report including 75/25 rule
In France, it is an industry standard to produce within the property management system, a VAT report that includes the 75/25 rule. The VAT report must basically display a consolidated view on how the gross revenue is generated in the system and the corresponding break down that includes the net revenue, VAT amount and service charge. The VAT report must include the statistics for a day, month to date, and year to date.
In French areas where the 75/25 rule applies, the VAT report must display the values of VAT with the 75/25 rule and the value of VAT without the rule. For example, the 75/25 VAT of 5.5% and 19.6% is displayed as a separate VAT line from the VAT 5.5% (Pension 75/25) as well as VAT 19.6% (Pension 75/25). This is to differentiate the 75/25 VAT rule from the regular VAT. The French properties that do not use the 75/25 rule, the extra VAT lines (Pension 75/25) are not required to be printed on the report.