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Government unveils business-friendly changes to VAT and other laws


2012-10-25



The government on 24 October approved a draft of a new economic deregulation law, intended to ease some of the administrative burdens on business, particularly small firms.

At the heart of the proposal are changes to VAT laws that the government says will help companies deal with payment bottlenecks, allaying liquidity problems. Thus companies using cash accounting (an option available to firms with annual revenues of up to €1.2m) will not have to pay output VAT on unpaid sales invoices under any circumstances, and will only pay it on what they have actually received from customers. (At present such firms are only allowed to postpone the payment for a maximum of 90 days, regardless of whether they are paid or not). At the same time, firms that use accrual accounting will be able to claim the “VAT bad debt relief” already after 150 days instead of 180, and the procedure itself will be simplified. Other changes are proposed that will also strengthen the position of the supplier of goods and services versus the non-paying customer.

The law also liberalises some tax, reporting and registration requirements and procedures and laws pertaining to lease contracts.

The changes are to come into effect as of 2013.



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