ALTUM

VAT rates

Element VAT Rates allows user to enter and define tax rates according to which items and services are purchased and sold.

The list of VAT rates is available in the Configuration menu under the VAT Rates icon.

Figure 32 VAT Rates registry in tab Configuration.

There is the following information displayed on the list: Symbol, Name, Value, Status, Active.

Figure 33 List of VAT rates.

Defining of VAT rate

In order to define a new VAT rate user has to select [Add] button in the List button group. This function adds new row on a list. Following fields must be completed:

Symbol - in this field user can enter up to 50 characters (letters or digits), used for quick and easy identification of individual VAT rates, e.g. shortage of name.

Name - in this field user can enter up to 50 characters (letters or digits), used for more detailed description of VAT rate.

Value – user has to enter rate value in decimal form, e.g. tax 22% – value 0,22

Active – this parameter is marked by default when adding a new VAT rate on the list and it means that the VAT rate is active. If unmarked, the VAT rate becomes archival, which means that it cannot be used within the system, e.g. it cannot be used on the issued documents 

Status – there are three types of statuses available. VAT rate can be taxed, tax-exempt, or not subject to taxation.

VAT rates for export documents – this panel allows the selection of specific VAT rates for export documents. These rates will appear on a created document, by default. Default settings refer to items and services. Default VAT rates are specified for export documents that are issued for products and services.

In order to save changes user should select [Save] in the General button group. After saving, the system will display proper message.

Figure 34 Saving changes on the list of VAT rates.