iVAT Revision provides practical assistance in two areas:
1. iVAT Revision automatically calculates the annual revision of the VAT on capital assets
Such a revision is required when the factors for calculating the deductible VAT on capital assets have changed during a period of five years (or fifteen years for buildings).
A few examples:
- revision due to a capital asset being used partly for private purposes
- revision in the taxpayer’s favour following the sale of a capital asset
- revision due to a change in the general ration used by mixed taxpayers
iVAT Revision allows you to calculate these annual revisions of the VAT on capital assets in a flash. A simple click of a button is all it takes for the software to calculate immediately the total amount for all your investments.
2. iVAT Revision offers you a very simple way of complying with the legal requirement to keep a ‘table of capital assets.’
Everyone who is registered for VAT has to keep a ‘table of capital assets’ to allow the tax authority to control the deduction of revisions made by the taxpayer. Failure to keep this ‘table of capital assets’ can lead to an administrative fine of € 2479 every time you break the rules.