As of 1 February 2020, the VAT split payment mechanism is no longer applicable.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.
If you have any questions about WTS Global or our global services, please get in touch.
We will respond to you as soon as possible.