Annulment of split VAT regime

As of 1 February 2020, the VAT split payment mechanism is no longer applicable. Under this procedure, the customer had to pay the invoices received from a supplier observing such a mechanism in two separate bank accounts: the net amount in the current bank account of the supplier and the VAT amount in a special VAT bank account of the supplier. Obviously, these rules generated more administrative and compliance work for all taxpayers.

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WTS Global VAT Newsletter Q1/2020

Recent or expected changes in VAT and GST regulations and compliance duties in various EU and third countries

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