The GCC Council has implemented 5% VAT in two countries –United Arab Emirates and Kingdom of Saudi Arabia from Jan. 1, 2018 onwards.

Implication of GCC VAT on invoices

In the VAT regime, all sales and purchase transactions need to be tax compliant. This means that invoices, debit notes, credit notes and other documents have to be printed as per the formats prescribed by the Federal Trade Authority (for UAE) and General Authority of Zakat & Tax (for Saudi Arabia), depending on where your business is located.

VAT compliant invoicing

You can make changes to your invoice if the Value-Added Tax (VAT) amount or the VAT rate is subsequently found to be incorrect. Incorrect price on the invoice. If you increase the price on the original invoice, you must issue a supplementary invoice which shows: the increase in the price (VAT exclusive) the rates of VAT applying. Jul 12, 2016  Here we provide a sample data model showing the information related to a FullInvoice, including the required Supplier and Customer information (VAT number, address), and the items that are on the invoice: InvoiceItem.As each item on an invoice may have a different VAT rate, we must have the VATRate per item in the InvoiceItem.Each Invoice is.

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VAT compliance begins with VAT invoicing. Every single invoice that you generate or transaction you record must be done in a VAT compliant way. With Tally.ERP 9, you don’t have to worry whether you have raised an invoice correctly or not.

All you have to do in Tally.ERP 9 is to enter TRN (UAE) or TIN (KSA) and the period. As soon as you start recording transactions in Tally.ERP 9, the VAT ready software maps all the data with VAT rules. Let us look at some examples to understand this better.

• 1) Tally.ERP 9 applies VAT in invoices wherever applicable.
• 2) Verifies whether the TRN/TIN are correct or not and raises alerts when they need to be corrected.
• 3) Warns if manual alteration is done on already calculated values.
• 4) Gives you the flexibility to add expenses or discounts with VAT implication.
• 5) Shows how VAT calculation has been done for all the transactions.
• 6) Invoices are matched in registers, profit & loss account, balance sheet and other reports.

Invoices with multi-items and multi-tax types

With the simple one-time set-up for invoicing in Tally.ERP 9, you will be able to print accurate VAT compliant tax invoices right from day one. The simplicity with which a range of invoices can be created in Tally.ERP 9 gives an easy start for businesses who are planning to computerize their business practices.

Whether you are a white good trader or an exporter, Tally.ERP 9 helps to create invoices for all types of businesses. If you are a trader, you will need to enter only the name of customer, stock item, quantity and rates. If you are an exporter or an importer, then you will capture multi-items and multi-tax types such as foreign currency, applicable VAT, lengthy terms and conditions, bill of lading details and so on.

Multi-currency VAT invoicing

The multi-currency feature in Tally.ERP 9 allows business owners to record transactions involving multiple currencies. VAT gets calculated on the base currency and then you can print these tax invoices with the value break up of both the currencies.

VAT compliant invoicing as per prescribed norms

With Tally.ERP 9 your invoices will be VAT compliant as per the Federal Tax Authority (FTA) norms of UAE and General Authority of Zakat and Tax (GAZT) of Saudi Arabia. VAT compliant invoices can be generated in no time. While there are several VAT software available in the market, the software that you use must have the capability to seamlessly generate all kinds of VAT invoices easily and simplify your business practices.