- Keeping track of administration is essential for VAT declaration
- Entrepreneurs must keep a VAT administration for filing returns and managing business
- Different rules apply for those providing exempt goods or services
- Non-entrepreneur legal entities may still need to file VAT returns if doing business with other EU countries
- Invoicing rules vary based on type of customer and type of business
- Invoices must be kept for 7 or 10 years, depending on type
- Administration should clearly show VAT paid and reclaimed
- Different records must be kept separately per VAT rate
Source: linkedin.com
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.
