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Preparation and submission to recognize deductible VAT for small business taxpayers included in the VAT scheme
Taxpayers included for the first time in the VAT scheme shall be entitled of benefiting from deductible VAT recognition for inventory goods in stock. These goods should have been purchased with a VAT tax invoice, i.e. VAT has been paid when purchased, during the last 12 months, prior to the registration of this liability.
Such right shall be benefited in the first tax period that they declare as taxpayers of VAT, by declaring in the book of purchases and in the respective section of VAT, the taxable value and the respective VAT paid for goods in stock included in the inventory.
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: