The Ministry of Finance has published suggestions for the amendment of the VAT Act – called the “Slim VAT 2” package.
The changes include:
- facilitating of issuing of collective corrective invoices – including the option of collective correction of specific items from an invoice, as well as entire invoices;
- elimination of the need to correct input tax in the absence of an invoice in the case of import of services;
- easier issuing of corrective invoices (including resignation from indicating reasons for corrections);
- extension of the time for an earlier invoicing to 60 days;
- extension of the time to take advantage of bad debt relief from 2 to 3 years;
- easier choice of taxation options in real estate transactions;
- regulation of the method of performing in-minus corrections in the case of importing services and intra-Community acquisition of goods;
- the possibility of transferring funds between the taxpayer’s VAT accounts kept at different banks.
It is not yet known when these changes would enter into force.