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Let's say I'm buying gas. In Italy that's taxed with a 22% VAT, but only 40% of that is deductible. I need the full 22% to show in the invoice. When I file my taxes, in the total amount of deductible taxes, I need to consider only the deductible percentage instead. So 40% of the 22% VAT.
Hi, benedetti
When creating a Bill / Expense enter the 40% of VAT and balance amount as unclaimed VAT item/account
Comment back for further clarifications / to discuss.
Create new tax codes for the recoverable & unrecoverable post the unrecoverable to vat unrecoverable new expense account. Now create a new group vat rate for the full taxable amount and add in the two new vat codes recoverable & unrecoverable.
Now apply the group rate the unrecoverable amount gets posted to expense and the recoverable get posted to the vat agency.
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