VAT Rates
For general information about code lists, see the Code Lists chapter.
"VAT Rates" is a standard code list that is populated at the time of installation. It records all VAT rates according to the legislation of the country you selected when setting up your company. This includes rates whose validity has already expired. VAT rates may change over time, so each entry includes a valid-from–valid-to interval specifying the period during which the rate applies.
You can open the list from the "Tools" menu under "Code Lists -> VAT Rates".
The toolbar at the top of the table contains a number of buttons whose functions are described in the "Program Controls" chapter.
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Main Panel
Click the "New" button or press the keyboard shortcut Alt+N to open the form for a new record.
The toolbar at the top of the form contains a number of buttons whose functions are described in the "Program Controls" chapter.
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"Basic" Tab
This tab contains all the information required for managing VAT rates. Completing the fields in the left-hand section is mandatory.
Country: The country for which the given VAT rate applies. This value is carried over from the "Company Country" field that you selected when setting up your company. This field determines the legislation used to configure all VAT rates. This field cannot be changed for rates that have already been configured. For a new rate, this country is set automatically.
VAT Rate: The type of VAT rate (exempt, reduced, standard). When working in ABRA Flexi, as in our legislation, the reduced rate, standard rate, and exempt status are used. Use the button below
to select one of these 3 options.
VAT: [%]The VAT rate value. Enter a numeric value only.
Valid From: The date from which the specified VAT rate is (or was) valid. If you are adding a new rate, fill in this field using the button below
or enter it manually. When you add a new VAT rate and save it with a valid-from date, the system will automatically set the expiry date on the current record for the same VAT rate type, maintaining continuity over time.
For example, if you save a new VAT rate form specifying that the reduced rate of 15% is valid from 1 December 2013, the system will automatically populate the date 30 November 2013 in the "Valid To" field of the currently active reduced rate of 15% at the moment of saving. This effectively prevents the issuance of documents with a tax supply date after 1 December 2013 at the 15% rate.
If you accidentally enter a date that is earlier than the current date, you will be asked whether you really want to proceed.
If you click YES, you will need to manually correct all documents affected by this VAT rate change.
End VAT Rate Validity: If you use the button below
to open the form for an active VAT rate and check this checkbox
you will gain the ability to edit the "Valid To" field.
Valid To: The date until which the specified VAT rate is (or was) valid. If no date is entered here, it means the rate is still active. If the rate has already expired, this date cannot be changed. If you check the
End VAT Rate Validity checkbox in the form of an active rate, you can manually enter this field using the button below
or enter it manually. When saving a new form with a new active VAT rate, this field will be filled in automatically based on the "Valid From" date of the new VAT rate.
There may be cases where the accounting period is a fiscal year that does not align with the calendar year. In such situations, two different VAT rates may be valid within a single accounting period. The VAT rate that applies when processing a given accounting document is determined by the document's tax supply date.
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"Texts" Tab
The "Texts" tab is present in all code lists and all record lists. It contains two fields where you can enter information according to your own needs. Completing these fields is not mandatory.
Description: You can provide a more detailed description here.
Note: The note field is used to alert users to anything unusual about the record or to flag anything other users should be aware of when working with it.
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