VAT/ICP declaration in Luxembourg
You can use Profit to make VAT/ICP declarations for organisations in Luxembourg.This part is a supplement to the general description of the VAT/ICP declaration and only describes issues that are relevant for organisations that submit declarations in Luxembourg
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Preparation
Description
You must make a VAT declaration per month, quarter or year. This depends on your organisation's turnover. You have recorded the declaration term in the financial administration settings.
When you prepare the declaration, Profit generates an xml declaration file. This applies to both the period declaration (per month, quarter or year) and the final annual declaration. You upload the xml declaration file using the ‘eTVA‘ from l’Administration de l’enregistrement et des domaines (Luxembourg tax authority). eTVA is not explained in Profit Help.
The xml declaration file also contains the ICP declaration. You do not need to make a separate ICP declaration.
Purchase entries with transferred VAT duty or imported from outside the EU
For purchase entries, the following situations can occur:
- For VAT transferred, you are responsible as consumer for paying the VAT (i.e. instead of the supplier).
- Goods imported from outside the EU are taxed in the country where the goods enter the EU.
In both cases, the VAT amount is deductible as input tax. Therefore, Profit will enter the VAT amount and immediately create a contra entry.