VAT Liquidation (tfgld1534m000)

This functionality is specific for Italy.

Use this session to view the VAT liquidation amounts.

After you generate a Final version of the VAT liquidation report in the Print VAT Book (tfgld1435m000) session, LN displays the various VAT liquidation amounts. You cannot change the amounts.

Field Information

Financial Company

The financial company for which you generated the VAT liquidation report.

Tax Year

The tax year for which you generated the VAT liquidation report.

Tax Period

The tax period for which you generated the VAT liquidation report.

VAT Payable/Recoverable from previous year

The VAT amount carried over from the previous period.

VAT To Be Liquidated

The amount payable to or claimable from the government.

Collected Deferred VAT

The sum of all bank transactions in the Tax Analysis (tfglf110) table concerning sales invoices and sales credit notes for the selected period, on which value added tax was paid.

Paid Deferred VAT

The sum of all bank transactions in the Tax Analysis (tfglf110) table concerning purchase invoices and purchase credit notes for the selected period, on which value added tax was paid.

Previous Year Credit Used in the Period

The credit amount of the previous year that was used in this period.

Quarterly VAT Refund Or Use In Compensation
The VAT amount credit received in the previous quarter when the IVA TR form is submitted for compensation or refund or VAT credit.
Note: 
  • This value is considered in the calculation of VAT Payable/Recoverable value.
  • This field is displayed as Interannual refund in the VAT Liquidation report.
VAT Payment For EU Vehicle Registration
The VAT amount that must paid for importing EU vehicles into Italy.
Note: 
  • As per the condition of the vehicle registration, this amount must be paid during the first sale of the vehicle originating from an EU country. which is the condition for the registration of vehicle.
  • This value is considered in the calculation of VAT Payable/Recoverable value.
  • This field is displayed as EU Vehicle Registration in the VAT Liquidation report.
VAT Payable/Recoverable

The total VAT amount to be payable or recoverable.

Note: This value can be calculated using this formula: 
VAT To Be Liquidated - Collected Deferred VAT + Paid Deferred VAT - Previous Year Credit Used in the Period
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