Changes accounting and Vat taxation in 2014
Below we present the most significant change in the VAT Act, which came into force on 1 January 2014
- VAT tax obligation arises in the moment of any supply of goods or services. Before the reform the tax obligation was determined by the date of the invoice
- There is a significant change related to the rules for the deduction of input tax. The right to deduct VAT in 2014 generally depend on the date the tax obligation arises from the dealer. Purchaser and seller must address VAT to the same month.
- A change also occurred on the date of issuing invoices. Starting from 2014, an invoice have to be issued no later than 15th day of the month following the month in which the supply of goods or services performed or obtained all or part of the payment. Previously invoice was to be issued within 7 days.