Since the VAT payer carries out the operation of writing off inventory (including damaged), they begin to be used in transactions that are not economic activities of such a taxpayer. Since during the acquisition of inventory (including spoiled) VAT amounts were included in the tax credit, the taxpayer must not later than the last day of the reporting (tax) period in which they are written off, to accrue tax liabilities with VAT at the basic rate based on the cost of acquisition of such inventory (including damaged).
Source: visnuk.com.ua
Latest Posts in "Ukraine"
- New VAT Innovations from October 1: Cash Method Extension and New Tax Exemption Introduced
- How to Fill VAT Registration Form No. 1-PDV for New Businesses in Current Year
- Procedure for Filling Table 1 of Appendix 2 (D2) to VAT Tax Declaration
- New VAT Amendments Effective October 1: Cash Method Extended, New Tax Exemption Introduced
- Taxable Transactions for VAT Registration: Goods/Services Supply Operations in Ukraine’s Tax Code
