The President signed an amendment to the act on tax on goods and services, regarding further simplification of taxpayer settlements, the so-called of the Slim VAT 2 package, the Chancellery of the President informed.
“The declared goal of the act is to further simplify the settlement of tax on goods and services by taxpayers – the so-called Slim VAT 2 (Simple Local and Modern VAT) package, as well as to adapt national regulations to the situation resulting from the withdrawal of the Kingdom of Great Britain and Northern Ireland from the European Union The act also contains provisions aimed at executing the judgments of the Court of Justice of the European Union,” it announced.
Amendments to the Value Added Tax Act include:
– modification of the legal definition of the term “Member State”;
– indication of the rules for determining the place of delivery as part of the so-called chain transactions in a situation where the entity arranging the transport is not the buyer who delivers the goods or an intermediary, but the first supplier and last buyer;
– introduction of new regulations on the principles of making adjustments lowering the tax base;
– amendment of the provisions on the time limits within which an active VAT taxpayer may settle the amount of tax due on the import of goods;
– modification of the conditions for resigning from the VAT exemption applicable to the delivery of buildings, structures or parts thereof;
– adjustment of the provisions regulating the conditions for reducing the amount of tax due by the amount of input tax to the judgment of the Court of Justice of the European Union;
– partial adjustment of the provisions regulating the rules of applying the so-called bad debt relief until the judgment of the Court of Justice of the European Union;
– changing the procedure for transferring funds accumulated on the VAT account indicated by the taxpayer;
Amendments to the Banking Law Act relate to the principles of recognizing and debiting VAT accounts, as well as enforcement and securing funds from the technical account used to identify the VAT account holder.
The Act shall enter into force on October 1, 2021, with the exception of the provisions that enter into force on the day following the date of publication, as well as those that enter into force on January 1, 2022.
Source: IBSnews
