- Changes to the VAT executive order have been made. Section 17 has been rewritten to include a preliminary calculation of the tax on a company’s purchases that can be included in the input tax.
- A provisional deduction percentage is used, based on the turnover in the previous financial year.
- The final deduction percentage must be calculated at the latest at the same time as the declaration of the tax equivalent in the tax period that includes the 6th month after the end of this financial year.
- If a company ceases to be registered, it must indicate the adjustment when the final deduction percentage is known. Section 137, subsection 1 has been amended.
- The executive order comes into force on 1 July 2023.
- Companies that have not adjusted the tax equivalent as a result of the finally calculated deduction percentage must do so by the same time as stating the tax equivalent in the tax period that includes the 6th month of the first financial year beginning on or after 1 July 2023.
Source Retsinformation
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