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As of April 1st, 2018, the threshold for VAT registration has entered into force for an annual turnover of ALL 2,000,000.
Small business taxpayers that during 2017 have carried out an annual turnover exceeding ALL 2,000,000, pursuant to this amendment, shall be automatically registered by the Tax Administration with the tax liability of Value Added Tax.
Moreover, under this liability shall also be registered every taxpayer, whether existing or recently registered, that foresees to carry out a turnover above this threshold during 2018.
Every taxpayer included in the VAT scheme shall chronologically register in the book of sales every tax invoice of sales issued by him, as well as the daily turnover memorized by the fiscal equipment under one single figure.
The taxpayer must possess the respective tax invoice of purchase for every purchase of goods or service. This is the only manner to deduct the VAT of purchases from the VAT of sales. Moreover, every good in stock must be justified with the respective purchase invoice. Invoices with and without VAT shall be chronologically registered in the book of purchases, as per the respective columns.
Data of sales and purchases shall be registered in the book of sales and purchases on monthly basis.