The VAT act amendments would generally apply with effect from January 1, 2015. The main changes are given below:
- The place of supply of telecommunication, broadcasting and electronic services provides to non-taxable persons.
- The special scheme would permit the suppliers of those services to register only in one EU Member State and to submit in that Member State a single special tax return. Under this special scheme, taxable persons can apply for registration from October 1, 2014 up to the end of 2014.
- The temporary increase of the standard VAT rate will be repealed and the standard VAT rate would remain at 20%.
- The period for submitting of the recapitulative statement is extended from 20 days to 25 days of the month following the month that is being noticed.
- Taxable persons would be permitted to submit a recapitulative statement on a quarterly basis provided that the value of the goods does not go over EUR 50,000 instead of EUR 100,000.
- A “partial tax audit protocol” will be initiated from July 1, 2015. In this proposed “partial tax audit protocol”, the tax administration could refund on the basis of certain conditions and within a tax audit process, a portion of the excess input VAT (refundable VAT) before the end of the tax audit.
