The aim of the turnover reconciliation is to reconcile a business’s annual revenue and input VAT as declared in the four quarterly VAT returns to the financial statements (P&L) of the same year.

Pursuant to article 72 of the new VAT Law there is a possibility (but also an obligation) to correct errors in the VAT declaration within 180 days of the end of a tax period. This “finalisation” gives the VAT payer the opportunityRead More »