Negative VAT value in declaration and its inclusion in the tax credit of the next period

• If the calculation of the difference between the amount of VAT payable and the amount of VAT credit results in a negative value, this negative value can be included in the tax credit for the next reporting period.
• The tax declaration for VAT should include separate data for each reporting period without cumulative totals.
• The declaration should include the required attachments according to the approved procedure.
• When calculating the difference between the amount of tax liability and the tax credit for the reporting period, the entire amount of the tax credit, including the negative value from the previous reporting period, should be taken into account.
• The order does not specify the order of applying the negative value (tax credit) of the current reporting period to offset the tax liabilities of the same period, but it is advisable to consider it in chronological order from oldest to newest.
• If the calculation of the difference between the tax liabilities and the tax credit results in a negative value, this negative value can be included in the tax credit for the next reporting period.
• The negative value is reflected in line 21 of the declaration and detailed in Appendix 2 “Statement of the amount of negative value for the reporting period, which is included in the tax credit for the next period.”

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.

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