The "Input tax statement" refers to the process of settling and offsetting input tax amounts that a company has paid for goods and services acquired in the course of its business activities. Typically, this refers to the value-added tax (VAT) paid on purchases and business expenses. The Vorsteuerabrechnung allows the company to deduct this paid VAT from the VAT liability and only pay the difference to the tax authorities.
Typical functions of software in the "Input tax statement" domain include:
Capture of input invoices: The software allows companies to capture input invoices for goods and services acquired and correctly identify the input tax contained therein.
Automatic calculation of input tax: The software automatically calculates the input tax amounts based on the entered input invoices, taking into account any special regulations or exceptions.
Management of input tax accounts: The software supports the management of input tax accounts and postings to accurately record and offset input tax amounts.
Preparation of input tax returns: The software automatically generates input tax returns based on the captured data and prepares them for submission to the tax authorities.
Monitoring of deadlines and regulations: The software automatically monitors deadlines and regulations for input tax reconciliation and notifies the company of impending tasks or deadlines.
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