VAT changes effective 2021

Beginning 1 January 2021, VAT registration will be required if the annual taxable turnover exceeds ALL 10 million (approximately €80,000). In any event, taxpayers may register voluntarily for VAT purposes if their annual turnover is above ALL 5 million (approximately €40,000).

Effective 1 January 2021, all VAT registered taxpayers will be required to submit on a monthly basis reports of VAT purchase and sales books and the related VAT return. Previously, certain categories of taxpayers were filing quarterly VAT purchase and sales books and VAT returns.

Source: KPMG

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