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How is VAT calculated on the sale of agricultural products, and what documents are required?
How is VAT calculated on the sale of agricultural products, and what documents are required?
We inform you that, according to the provisions of the Tax Code that came into force on January 1, 2022, for a period of 3 years from that date, the VAT amount on the wholesale and retail sale of agricultural products (both domestic and imported) is calculated based on the trade markup.
At the same time, if the purchase of agricultural products (domestic and imported) obtained from January 1, 2022, is formalized with an electronic invoice, an import customs declaration and a related invoice, or an electronic purchase act, and the wholesale and retail sale is documented with an electronic invoice and a control cash register receipt, VAT is calculated based on the trade markup.
However, if the purchase of agricultural products is not formalized with an electronic invoice, an import customs declaration and related invoice, or an electronic purchase act, and the wholesale and retail sale is not documented with an electronic invoice and a control cash register receipt, then VAT is calculated based on the total turnover.
The term “trade markup” refers to the difference between the VAT-excluded selling price of the goods (or the market price in cases of free transfer or barter) and the purchase price paid to the supplier of the goods.
We inform you that, according to the provisions of the Tax Code that came into force on January 1, 2022, for a period of 3 years from that date, the VAT amount on the wholesale and retail sale of agricultural products (both domestic and imported) is calculated based on the trade markup.
At the same time, if the purchase of agricultural products (domestic and imported) obtained from January 1, 2022, is formalized with an electronic invoice, an import customs declaration and a related invoice, or an electronic purchase act, and the wholesale and retail sale is documented with an electronic invoice and a control cash register receipt, VAT is calculated based on the trade markup.
However, if the purchase of agricultural products is not formalized with an electronic invoice, an import customs declaration and related invoice, or an electronic purchase act, and the wholesale and retail sale is not documented with an electronic invoice and a control cash register receipt, then VAT is calculated based on the total turnover.
The term “trade markup” refers to the difference between the VAT-excluded selling price of the goods (or the market price in cases of free transfer or barter) and the purchase price paid to the supplier of the goods.