- A VAT invoice is a formal document used in Value Added Tax systems to record goods or services supplied, detailing the VAT charged, which is essential for financial transparency and tax compliance.
- It serves as evidence of the supplier’s obligation to remit output tax and the customer’s right to recover input tax, creating a clear audit trail and ensuring proper VAT collection and remittance.
- To be valid, a VAT invoice must include specific mandatory details such as a unique invoice number, date of issue, supplier and customer information, a clear description of goods/services, and a breakdown of net prices and VAT amounts, which are crucial for tax reporting and recovery of input VAT.
Source Accountinginsights
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