Notification of commencement of works on draft amendment to VAT act has been published in the Public Information Bulletin of the Council of Ministers. The planned amendment is supposed to limit the scope of VAT abuse.
Notification on the draft
Notification on the draft (no. UA21) was published in the register of legislative and programme works of the Council of Ministers in its Public Information Bulletin.
As of the publishing of this alert, the text of the draft amendment was not available yet. However the aim of the intended regulation – being the limitation of VAT abuses – as well as the specification of legislative changes which are intended to prevent frauds have been indicated.
According to the notification, changes aimed at limiting VAT abuse would comprise:
The information published so far is of general nature only, however already at this stage some of the proposed changes should draw taxpayers’ attention. These are, in particular, changes regarding the proposed abolishment of quarterly settlements, extension of the scope of the purchaser’s joint and several liability for the seller’s tax obligations as well as changes in respect of the protection resulting from a binding ruling received.
We will keep you informed on any progress in this matter. Should you have any questions concerning the issues discussed in this alert please do not hesitate to contact us.
The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.