Act on the Amendments to the Value Added Tax Act
▪ Correction of the tax base – possibility of reducing the supplier’s tax base unilaterally within 6 months if they are unable to collect all or part of the amount for more than a year, and actions have been taken to collect the overdue claim (enforcement proceedings, court proceeding, etc.)
▪ CESOP (Central Electronic System of Payment information) – the obligation to provide data to all payment service providers at the EU level is introduced, for the purpose of conducting controls of cross-border deliveries and combating VAT-related frauds
Rounding of amounts
▪ From January 1st 2024, EUR amounts in all regulations are rounded in favor of taxable persons (e.g. the amount of income for the purposes of determining the corporate income tax rate is rounded to EUR 1,000,000.00, while the threshold for entry into the register of VAT payers is rounded to EUR 40,000.00).
Please keep in mind that legislation tends to change frequently. This article is therefore necessarily based on our understanding and correct interpretation of the law and practice at the time of issuing this atricle. This article will not be updated due to changes in legislation that occur after this article is published.