NGOs & Public Entities > Records keeping >
Non-profit organizations and public entities / State enterprises have a legal obligation to maintain and document the activities that they perform according to the applicable legal requirements. The documentation required is in function to the tax liability for which these entities are registered.
Records keeping and billing
The "Books and Records" are the trading records, accounting documents, annual accounts and financial reports, as well as all the other documents relating to the subject taxpayer, business correspondence, invoices and related documents to be created and maintained for the determination of the amount of the tax that shall be paid by the taxpayer;
The documentation and keeping of records for taxpayers, subject to VAT or profit tax.
A. The non-profit organizations and the public entities, which are subject to VAT or profit tax, for the calculation of tax liability, keep records, accounting records, books and financial information, and issue tax invoice, tax certificate or tax voucher, in accordance with relevant laws and bylaws issued in pursuance thereof.
B. The non-profit organizations and the public entities subject to VAT, immediately record all the financial transactions and prepare and maintain the accounting and records books, in which are recorded:
C. Any buyer, natural person, entity or individual has the right to not pay the transaction value of the goods or service provided, if the seller does not issue the tax bill or tax voucher, in accordance with this law. For this purpose, the non-profit organizations and the public bodies are obliged to display in a visible place, at the address where they carry out the activity, a notice to the purchaser in accordance with this section.