What will bring the registration as a VAT payer about

As of the date of registration as a VAT payer, a person shall perform the obligations of a VAT payer, including:

  • adding the amount of value added tax to the taxable value of the goods transferred or services provided;
  • calculating the amount of value added tax due which shall be paid into the state budget by the twentieth day of the month (generally a calendar month) following the taxable period;

NB! the value added tax (input VAT) paid on goods purchased or services received can be deducted only if the goods purchased or the services received have been acquired for the purposes of taxable supply. If the person is not engaged in business or if the goods or services have been acquired for the purposes of supply exempt from tax, the input value added tax shall not be deducted.

  • preserving documents, maintaining records and issuing invoices in accordance with the requirements;
  • submitting a value added tax return (Form KMD) by the twentieth day of the month and a tax return of income tax and social tax, contribution to mandatory funded pension and unemployment insurance premium (Form TSD) by the tenth day of the month. Form TSD shall be obligatory to submit even if a company is not subject to income tax.

 

05.04.2016