- The consequences of VAT under the cash method in case of registration cancellation
- The taxpayer must calculate VAT on the amount of goods/services supplied but not paid for when canceling their VAT registration
- The taxpayer loses the right to apply the cash method for determining the date of tax liabilities when canceling their registration
- According to the tax code, the date of tax liabilities is determined by the date of receipt of funds into the taxpayer’s accounts or cash register
- If goods/services or non-current assets included in the tax credit are not used in taxable transactions, the taxpayer must determine tax liabilities based on the usual price of the goods/services or non-current assets
- Exceptions to the cancellation of registration include cases of taxpayer reorganization through merger, transformation, division, and separation according to the law
Source: news.dtkt.ua
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
