New Appendix to the value added tax return starting from 1.11.2014

This Annex has been introduced by the Tax Administration for them to better analyze the data and to improve the management of the tax opportunities of the informal economy. 

Corporate trade secret protection is guaranteed. Companies do not have to worry that their turnover declaration Appendix info may come in public since the authority has the right to review the additional information only if it is assigned to a specific task, in any other case the analysis of the data is done  automatically.

Companies can prepare for the 1000 Euro declaration of transactions in such a way that they contact their financial partner, providing the software. Most of the financial accounting systems in use are already in the corresponding topic or have been engaged in the development of a system work.

For compelling reasons, it is also possible to obtain an extension of the obligation to submit a VAT return for additional onset. In particular, these extensions are companies whose business processes are sufficiently complex or financial software modification is time-consuming. The request for extension must be filed with the IRS no later than 31.08.2014. Extension granted for the period 01.11.2014 to 06.20.2015. 

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