New VAT Regime
The new VAT regime is optional and is effective since the 1st of October of 2013. This new regime allows for companies to return the VAT after having received the respective invoice.
This regime intends to help companies with their cash flow troubles and reduce the impact of taxes on their treasuries.
With the new regime, VAT returns are due only upon receiving, in full or parcially, the deduction os VAT is possible upon a receipt or invoice-receipt from suppliers.
This regime is optional for those companies which meet the following requirements:
Total turnover equal to or under €500.000;
Non beneficiaries of tax exemption or under the small retailers regime;
Registered for VAT purposes for at least 12 months;
Regular tax situation;
Up to date tax reporting.