- If a company is a VAT payer and purchased fixed assets with VAT, it must reflect the input VAT regardless of whether the assets are used in taxable or non-taxable operations.
- According to the tax code, input VAT includes taxes paid for the purchase of non-current assets.
- Input VAT is determined based on the contractual value of goods/services and taxes paid during the reporting period for the acquisition of fixed assets.
- Input VAT must be accounted for even if the assets are not yet used in taxable operations.
- Input VAT must be calculated and registered in the ERP system by the last day of the reporting period for goods/services purchased with VAT.
- Input VAT must be calculated for assets used in non-taxable operations, operations exempt from taxation, or non-business activities.
- Input VAT must be calculated for assets used in non-production activities or transferred from production to non-production assets.
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.
