Today, the Law* introducing theamendments to the electronic VAT administration system has been officiallypublished and came into force.
The major changes are the following:
• On 3 August 2015 the VAT electronic account balance will reflect only thetaxpayer’s transactions of July 2015, plus VAT receivable declared in the VATreturn for June 2015, and cash transferred.
• For purposes of input VAT adjustments (pro-rata or self-assessed VATliabilities) a consolidated VAT invoice should be issued by the end of therespective month.
• Until 1 October 2015 there are no penalties for late registration of VATinvoices/adjustment calculations in the Unified Register of Tax Invoices.
• The list of mandatory requisites of a VAT invoice is decreased. The supplier’saddress and type of agreement are excluded. Mistakes in the non-mandatoryrequisites of the VAT invoice do not require registration of adjustmentcalculations for VAT invoices.
• A registered VAT invoice can be included into input VAT within 365 days afterits issuance.
We will continue to analyse the Law and will issue a Newsletter with a detailedoverview of the changes.
*Law No.643-VIII dated 16 July 2015