- Fixed assets can be used in both taxable and non-taxable operations
- The initial cost of fixed assets includes indirect taxes related to their acquisition
- The method of accounting for VAT on fixed assets depends on whether the input VAT is registered before or after the assets are put into operation
- If the input VAT is registered before the assets are put into operation, it is included in the initial cost of the assets
- If the input VAT is registered after the assets are put into operation, it is treated as an expense
- The issue of accounting for VAT on fixed assets should be addressed to the Ministry of Finance
- The company cannot independently decide on the accounting method for VAT, it is determined by current regulations
- If there is no clear solution, it is recommended to consult the Ministry of Finance.
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.
