Definition: Value Added Tax (VAT) calculation and payment is an IT concept that involves the use of software or systems to calculate and pay VAT. This is often used by businesses to ensure they are accurately calculating and paying their VAT to the relevant tax authorities. Source: Investopedia Source reference: https://www.investopedia.com/terms/v/valueaddedtax.asp Additional information: VAT calculation and payment systems are designed to automate the process of calculating the amount of VAT a business owes based on its sales and purchases. These systems can handle multiple VAT rates, different types of goods and services, and various tax jurisdictions. They can also generate VAT returns and other reports, and some can even submit VAT payments directly to the tax authorities. These systems can be standalone software applications, or they can be modules or features within larger accounting or enterprise resource planning (ERP) systems. They are designed to reduce the time and effort required to calculate and pay VAT, and to reduce the risk of errors or non-compliance. Example: Examples of VAT calculation and payment systems include Sage 50cloud, QuickBooks, Xero, and Zoho Books. These systems can calculate VAT on sales and purchases, generate VAT returns, and in some cases, submit VAT payments. For example, a business might use Sage 50cloud to calculate the VAT on its sales and purchases, generate a VAT return, and then submit the VAT payment to the tax authorities. LOST view: OV-Digital Public Services Catalogue Identifier: http://data.europa.eu/dr8/egovera/ValueAddedTaxCalculationAndPaymentBusinessService EIRA traceability: eira:DigitalPublicBusinessService ABB name: egovera:ValueAddedTaxCalculationAndPaymentBusinessService EIRA concept: eira:ArchitectureBuildingBlock Last modification: 2023-07-27 dct:identifier: http://data.europa.eu/dr8/egovera/ValueAddedTaxCalculationAndPaymentBusinessService dct:title: Value Added Tax calculation and payment Digital Public Service