Today, most self-employed workers and very few companies keep track of their collections and payments in a computerized manner , so that the VAT rate can be activated at the time of telegram korean list collection or payment of the invoice. In this regard, we will have to take into account the following particularities in the management of our collections and payments:
Management of direct debit collections and payments
If our company collects payments by direct debit and we have a series of payments made through this channel, the effective moment of collection and payment will be the moment on which the value date of the transaction is generated. For example, if I issue a collection remittance on 06/30 but the financial institution does not proceed to pay it in full on 07/05 by unblocking the collections and allocating the full collection on 06/30 using a value date, the effective collection will have to be considered in the allocation of the value date that will correspond to the 2nd quarter, not on the day of unblocking the outstanding balances that would correspond to the 3rd quarter.
Discount of effects
The commercial discount of effects or promissory notes will bring a tail, given that the discount operation is a prior credit and the effective collection date is the moment in which the return of the effect cannot be generated. Therefore, the discount itself is a financial operation that has nothing to do with the demandability of the prior payment or therefore with the accrual of the VAT quota.
In this situation, if I am in the cash criterion, I collect through a promissory note with an issue date of 01/07 and due date of 05/10, even if I make the commercial discount of the promissory note during the third quarter, the effective moment of collection or payment will be the due date and at this moment, is when the VAT will be accrued. This case is applicable to payments with deferred effects and we will not be able to deduct the VAT rate for the mere issue of the note, until we have made the effective payment.
Temporary differences due to transfers
The most striking case is the time difference in the issuance of transfers between the issuer and the recipient, especially in payments made at the end of the quarter. If I issue a transfer on 30/06 and my client receives it on 01/07, I can deduct the VAT in the 2nd quarter, but my client will not consider it as collected until the third quarter. This type of time difference will cause an insurmountable time difference in the 347 form and the deduction of the fee will always be prior to the payment.
As we can see, this type of case will require us to have a good management system to correctly control our collections and payments and to be able to properly allocate the effective dates of collection, payment and accrual of the tax.