VAT Rates

A value-added tax (VAT) is a consumption tax placed on a product (or service) whenever value is added at each stage of the supply chain, from production to the point of sale. The amount of VAT that the user pays is on the cost of the product, less any of the costs of materials or services used in the product that have already been taxed.

More than 160 countries around the world use value-added taxation, and it is most commonly found in the European Union.

Rate types

VAT Rates are categorized in different levels:

• No VAT
• Reduced rate 1
• Reduced rate 2
• Reduced rate 3
• Standard rate
• Increased rate
• Parking rate

System One has registered different VAT rates per country. 

European Union

Every European Union Member State has its own VAT rates. These rates can change over time, as countries decide to change their policies.

I don't see the VAT rate that I need

Contact support@systemonesoftware.com about this. Tell them about the country where your bookkeeping is registered in and the VAT rate you need.

Disclaimer: Tax laws are complex. Anything we have to say on this topic may not apply to you. Consult your tax adviser about the exact rules that apply in your situation.