10.07.2020
On 03.06.2020 the economic stimulus package of the Federal Government was presented. A central point is the reduction of the value added tax or sales tax from the current 19% to 16% in the future and for the reduced rate from 7% to 5% - from 01.07.2020 to 31.12.2020.
To this end, we have already provided you with support in advance in the form of preparatory checklists, tools and a webcast. In the meantime, the Federal Government has published a guide explaining how to proceed with the reduced VAT rates (16% and 5%). With the letter from the Federal Ministry of Finance, the instructions for the VAT advance return 2020 are newly announced for the advance return periods from July 2020 onwards. You can find this information here (sample forms in the VAT advance return and advance payment procedure for the calendar year 2020):
A setup in Microsoft Dynamics 365 Business Central could look like this example, please discuss the customization with your expert:
Do you have questions about the change of the VAT rate in your system? Contact us using the contact form below. We look forward to your message.
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