Every taxpayer that during a calendar year carries out a turnover, i.e. supplies goods or services amounting at ALL 2,000,000 – 5,000,000, shall be registered in the Value Added Tax scheme.
Small business taxpayers that have declared sales in such value for 2017, have been automatically registered by the Tax Administration under this tax liability.
The actions to be taken by a small business taxpayer registered for the first time in such scheme are as follows:
- Go to the companies authorized for fiscal equipment, i.e. where they have been equipped with a fiscal memory device, to change the tax rate, by placing the rate of 20% or the reduced rates as per the area of the taxpayers’ activity.
- In order to benefit from the recognition of deductible VAT for inventory goods in stock, all taxpayers included for the first time in the VAT scheme shall, in the first tax period of declaring as VAT taxpayers, be entitled to recognize the deductible VAT for inventory goods in stock.
In concrete terms, those taxpayers included in the VAT scheme since April 1st, 2018, shall, in the first tax period (April 2018), be entitled to recognize deductible VAT for inventory goods in stock on March 31st, 2018, goods which are intended for sale and for which VAT shall be calculated on sale.
The conditions to be fulfilled in order to exercise this right shall be as follows:
- To have identified this list of goods in stock (inventory) specified in quantity and value on 31/03/2018. This inventory shall include goods entitled for deduction, purchased with a VAT tax invoice, in the last 12 tax periods, i.e. in the timeframe of 01/04/2017 – 31/03/2018.
- A copy of the inventory shall be submitted by April 30th at the Regional Directorate of Taxes, where the taxpayer is registered, by also attaching the copies of purchase tax invoices. Moreover, by this date, a copy of the inventory shall be uploaded online in the e-Filing account of the taxpayer, under the section “My cases”. Such inventory must be documented in the registers and accounting books of the taxable person.
- To be equipped with VAT tax invoice books and issue a VAT tax invoice in cases when it will perform transactions amounting at more than ALL 40,000 and/or under this value when asked by the buyer. Moreover, it must issue a tax coupon for any sale to end consumer clients.
The taxpayer can receive the VAT tax invoice books at the Regional Directorate of Taxes where registered.
- To register chronologically and electronically the sales and purchase invoices in the monthly books of sales and purchases. The electronic declaration of the books of sales and purchases shall be done every three months, by 10th of the next month of the respective quarter. The first deadline to declare the books of sales and purchases shall be July 10th, 2018 for the tax periods: April-May-June 2018.
- To submit the VAT declaration, based on the data from the books of sales and purchases, that is drafted on monthly basis and submitted electronically by 14th of the next month of the respective quarter. The first deadline for such declaration is July 16th, 2018 for the tax periods: April-May-June 2018.