Tax package for 2019 already in effect
We wish to inform you that a package of tax measures for 2019 has been adopted. Some of the provisions came into effect on 1 April 2019.
Value added taxRegarding VAT, there have been major changes in the corrections of tax base and VAT amounts. The main changes effective since 1 April 2019 are summarised below:
- Corrective tax documents (credit or debit notes) must include a date on which the event relevant to correcting the tax base occurred.
- Corrective tax documents must be issued and sent to the recipient within 15 days of the date on which the event relevant to correcting the tax base occurred.
- The corrected tax base must be stated as a separate taxable supply in the tax return for the tax period in which the correction is deemed made (i.e. when the events relevant to correcting the tax base occurred). If the tax base is reduced (i.e. if a credit note is issued), the tax base correction must be stated in the tax return for the tax period in which the taxpayer made efforts that can reasonably be requested of them to ensure that the invoice reaches the recipient of the supply. In practice, this means that it will no longer be necessary to wait for a confirmation of receipt of the credit note by the customer and the decisive factor will be whether or not the credit note was sent to the customer.