Starting from August 2017, under the VAT regime, companies must join in a registry system that will automatically and easily provide electronic documentation to the tax authority (SII). This system simplifies the tax return for all taxpayers, especially SMEs and instructed a number of changes to tax payment declaration processes and obligations on generation of purchase and sale book.
From the August 2017 tax period, the taxpayer is not required to produce books or records of purchases and sales, since it is the SII itself that, based on the information of the DTEs issued and received. The SII also simplifies the procedure of monthly declaration and VAT payment, since there was a proposal of form 29 pre-filled with the amount of VAT to be declared and paid.
Taxpayers are able to access the Record of their Purchases and their Sales built electronically from the same information, which eliminate the obligation for companies to carry Electronic Purchase and Sale Information (IECV). As a result, the fines resulting from the non-delivery of the electronic registration of the books of purchases and sales to the SII disappear, and in addition, the fines corresponding to the sending of this information with arrears and to keep it out of date are eliminated.
