The draft of Bill amending, among others, VAT Act 37/1992, dated December 28, establishes a new scheme to report the import VAT that will only be applicable to certain operators that will be presumably listed in the VAT Regulation.
This is a new measure that has been constantly requested by the businesses and operators engaged in international trade, as it allows the assessment of the import VAT in their ordinary VAT returns, by means of self- assessing the import VAT as input and output VAT, meaning a nil financial impact.
In order to implement this new import VAT scheme, the draft foresees two specific measures: firstly, it creates a new audit procedure to check the accuracy of the import VAT deduction and, secondly, it also establishes a new tax infringement in the event the taxpayer does not report or unduly reports the amounts of self- assessed import VAT. Should this be the case, a monetary penalty amounting to 10% of the unduly reported import VAT quotas will be due.
Although it is a Draft and needs to be discussed in the Parliament, it is likely that this technical arrangement will come into force as of 1st January 2015.
This is a new measure that has been constantly requested by the businesses and operators engaged in international trade, as it allows the assessment of the import VAT in their ordinary VAT returns, by means of self- assessing the import VAT as input and output VAT, meaning a nil financial impact.
In order to implement this new import VAT scheme, the draft foresees two specific measures: firstly, it creates a new audit procedure to check the accuracy of the import VAT deduction and, secondly, it also establishes a new tax infringement in the event the taxpayer does not report or unduly reports the amounts of self- assessed import VAT. Should this be the case, a monetary penalty amounting to 10% of the unduly reported import VAT quotas will be due.
Although it is a Draft and needs to be discussed in the Parliament, it is likely that this technical arrangement will come into force as of 1st January 2015.
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