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A payee is considered to be a VAT registered contractor if the payee:
The VAT registration status of a payee is captured under a payee validity period on the Payee record. The system refers to the payee validity period that applies on the date when the timesheet is released from the Interpreter for pay (i.e. when the interpreted timesheet status type is set to Reviewed -Pay Only or Reviewed - Pay and Bill) to determine if the payee is VAT registered. |
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For the purposes of calculating VAT /GST when generating the proforma remittance, the system uses the date the proforma remittance is generated to determine if the contractor is VAT /GST registered, by referencing the validity period on the Payee record that applies on that date, and to determine the tax rate that applies.
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This enhancement allows the proforma remittance functionality to be used to generate documents that meet the definition of a valid tax contractor self-bill tax invoice when issued to a VAT /GST registered contractor. In turn, that allows the pay company to claim the VAT /GST that is paid forward to the contractor at the time when the proforma remittance is generated without the need to wait until the contractor is paid.
For other enhancements in this release that facilitate using the proforma remittance functionality to generate contractor self-bill tax invoices, see:
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Configuration
No configuration required.
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