Tax Reporting Categories in Belgium SuiteTax VAT 625
In Belgium, items are not only classified into goods or services. The Periodic VAT 625 report requires that you also distinguish goods and services that are purchased to generate revenue from the goods and services that serve as overhead costs or investments.
To classify the items in your VAT report based on the purpose of the purchased goods or services, assign a tax reporting category to your item.
In SuiteTax Periodic VAT 625 reporting, you can use the following tax reporting categories:
|
Category |
Purpose |
|---|---|
|
BE-Direct |
Purchases required for generating revenue or costs of goods sold. |
|
BE-Indirect |
Overhead costs |
|
BE-Investment |
Capex purchases |
By default, these tax reporting categories have been assigned to boxes 81-83 of the VAT 625 filters. You can modify this default setup. For more information, see Customizing the Setup of the Belgium SuiteTax VAT Report Filters.
When classifying your items and setting the filters for Periodic VAT 625, do not use tax reporting categories other than the categories listed in the table. In your NetSuite account, you may still see the following categories that are related to VAT 625:
-
BE-EDCSP
-
BE-Investment Goods
-
BE-Other Assets
These categories are no longer valid. Update your item records as necessary to make sure that these invalid categories are no longer used.
For more information, see Assigning a Tax Reporting Category.