What is the VAT split payment system?
The new VAT split payment system requires all VAT payers (including non-residents registered for VAT purposes in Romania) to use a bank account dedicated to all VAT-related incoming and outgoing amounts (for transactions carried out on the Ro territory) in respect of all their VAT-bearing transactions. Continue reading
What will change?
On 12 May 2017 Polish Ministry of Development and Finance presented a draft amendment to the VAT Act which main purpose is to ensure greater stability of VAT incomes as well as preventing tax avoidance. To achieve these goals, it is decided to introduce a split payment mechanism within VAT taxation. Continue reading
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