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Preparation for Buyers: Advance Confirmation with Suppliers
First, consider whether your company will apply the Simplified Tax System.
If applying the Simplified Tax System, there is no need to retain invoices for purchase tax credit purposes, so the following items do not need to be considered.
Point 1: Determine Whether Your Purchases and Expenses Require Invoices
In principle, the retention of invoices is a requirement for purchase tax credits, even for one-time transactions that are not ongoing or for small-amount transactions.
There are exceptions where invoice retention is not required, such as for public transportation under 30,000 yen, daily allowances paid to employees, business travel expenses, and commuting allowances.
Point 2: For Ongoing Transactions, Verify That Invoices Received from Suppliers Meet Required Criteria and Consult with Them as Necessary
Confirm in advance whether your suppliers are registered as invoice issuers.
It is important to align your understanding with suppliers regarding what constitutes a valid invoice.
Discuss price revisions as necessary. You may also receive requests for price discussions from suppliers.
Point 3: Consider How to Store and Manage Received Invoices
It is important to be able to manage invoices by distinguishing whether they have a registration number or not.
To apply the transitional measures (80% or 50% deduction) for taxable purchases from non-qualified invoice issuers, you must retain the itemized invoices.
Also, consider the scanner and smartphone storage methods under the Electronic Book Preservation Act.
Point 4: Consider Methods for Recording in Books and Calculating Purchase Tax
Bookkeeping requirements will not change after the start of the Invoice System.
If applying exceptions where invoice retention is not required or transitional measures for taxable purchases from non-qualified invoice issuers, you must record that fact.
There are two methods for calculating purchase tax: the cumulative calculation method and the rebate calculation method.
(If sales tax is calculated using the cumulative method, purchase tax must also be calculated using the cumulative method.)
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