Correction of invoice by the seller may have an impact on the legitimacy of deducting VAT buyer - 21 September 2011

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15:58 Correction of invoice by the seller may have an impact on the legitimacy of deducting VAT buyer
Regarding the correction of the invoice recently voted the Ministry of Finance in its letter № 03-07-11/236 September 1, 2011. Office considered the issue, if the seller makes adjustments in this primary accounting document, then the buyer of its goods or services is entitled to value-added tax to be deductible. When considering the correction of the invoice, in a letter to Russia's Finance Ministry said that VAT deduction is legitimate under the conditions specified in Articles 171 and 172 of the Tax Code. Namely: goods, works or services taken for accounting, these goods, works or services are used in business transactions to be taxed, in a primary accounting records, including well-formed bill. So, after correcting invoices the seller is obliged to submit data to their original documents to the buyer. It was only after they are received, the buyer has the right to deduct VAT. That is, the deduction of VAT is applied to the period for which the primary registration documentation and compliance with the mandatory conditions for those that have been described previously. In conclusion, we wish to point out that Russia's Finance Ministry on this issue has already given a similar explanation in his letters № 03-07-11/305 on July 23, 2010 and № 03-07-11/196 July 26, 2011.
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