by Dries Torreele
From the second quarter of 2017, a quarterly-declarant must pay the total amount of VAT as it appears from the quarterly tax return, at the latest on the twentieth of the month in which the tax return was filed. This means that the VAT must be paid at the latest on the twentieth of the month following the quarter, whereby the requirement to make interim payments will lapse.
Just like the monthly VAT declarant, the quarterly declarant will henceforth be required to make a December advance payment. This is an advance payment on the VAT payable on transactions in the fourth quarter of the calendar year.
The amount of the advance payment corresponds to the amount of VAT on the transactions carried out during the period from 1 October to 20 December of the calendar year in question. The amount of the VAT that is calculated must be included in box 91 of the VAT return. Moreover, a schedule must be attached to the declaration showing a breakdown of the different elements that make up the advance payment.
Taxpayers wishing to avoid these formalities can opt to pay an amount equal to the VAT payable on transactions in the third quarter of the current calendar year.
The advance payment must be received by the Tax Authorities by 24 December. When calculating the amount of the advance payment, a possible credit balance can be taken into account.
For more information on this topic, please contact one of our specialists via firstname.lastname@example.org.
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