What is the turnover tax return?
6 The total amount owed by the government agency is calculated and submitted with a turnover tax. The calculations used differ according to the Tax Agency rules. The charged rate is determined by the government responsible for this area. There are a number of government levels that can implement turnover taxes, including urban, state or federal agencies. Sales systems are programmed to automatically calculate the tax on the relevant items. The total value of the selected turnover tax is entered in the turnover tax form.
The vast majority of agencies that collect turnover have the rules for businesshes. There are two options: credit for turnover tax paid when purchasing items or exemption from turnover tax. Tax credit loan allows businesses to deduct the turnover tax to pay for the delivery.
In terms of tax return on turnover, there are three values: debit, credit and difference. The amount of the debitis the amount of turnover tax that the company paid for this period. The amount of the loan is the turnover value of the turnover obtained from customers.
The difference between the amount collected and the amount paid is the value that is transferred to the government agency. Exemption from turnover tax is a certificate issued to businesses that allow them to avoid paying tax on the point of sales. This certificate must be submitted at each purchase.
Tax tax returns are required only from registered companies in some industries. The exact rules vary according to location, but usually apply to companies that Sell directly to the final consumer. Distributors are usually liberated because nothing new.
In order to submit a tax return on turnover, the Government Agency will be provided by the Tax Taxation Agency for turnover or business number and form with a pre -printed business number. The tax return form of the tax return of the turnover is determined. OutFor a total amount of turnover tax collected during this period using information from the sales system.
Confirm the value of the eligible turnover tax paid in the period from the Business Accounting System. Enter this value in the turnover tax return form. If the amount received is greater than the amount paid, give check for different.