According to the Royal Decree, the mandatory monthly VAT advance payments for quarterly declarants have been abolished as from 1 April 2017. Additionally, the Royal Decree confirmed the practical modalities as regards the one-off yearly December VAT advance payment, replacing the monthly VAT advance payments for quarterly declarants. Continue reading
At its sixteenth meeting, the GST Council decided to reduce the tax rates on 66 items out of the 133 items for which it had received representations. Continue reading
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 opportunity Continue reading