VAT Return Reports and EC Sales List Reports

Companies operating in the European Community must submit to their home country periodic reports of taxable sales and purchases of goods and services. Tax authorities require two reports:

• The Value Added Tax Return Report, which contains summary information of all the taxable purchases and sales made by the company over a period and shows the company's VAT tax liability. VAT tax liability is the difference between tax collected from customers and tax paid to vendors. The Value Added Tax Return Report contains statistical information on some types of transactions, such as transportation. Value Added Tax Return Reports vary from country to country.

• The European Community Sales List Reports contain all the intra-EEC sales transactions reported on your company Value Added Tax Return Reports for the quarter.