VAT Payable
Code: 2170
👁 Views: 155
Account Information
| Financial Statement | Statement of Financial Position |
| Normal Balance | Credit |
Definition
VAT payable to tax authority
Sub-accounts
📐 IFRS vs US GAAP Accounting Treatment
IFRS
IAS 1
Presentation of Financial Statements
US GAAP
ASC 606
Revenue from Contracts with Customers
❓ Frequently Asked Questions
Q: What is VAT payable?
A: The Value Added Tax that the company must remit to the tax authority after offsetting input VAT from output VAT.
Q: How is VAT payable calculated?
A: Net payable = Output VAT (on sales) - Input VAT (on purchases). If positive, recorded as a liability.
Q: When is VAT payable due?
A: Usually within the month following the transaction month, according to each country's filing deadlines.